RP banks’ exposure to Lehman Brothers limited – BSP

BSP Governor Amado Tetangco briefs analysts, stock investors, and the press

BSP Governor Amado Tetangco briefs analysts, stock investors, and the press


Philippine banks’ exposure to Lehman Brothers was limited, said BSP Governor Amado Tetangco in a briefing for investors, analysts and the press last Wednesday.
Tetangco said Philippine banks’ exposure were “limited and cushioned,” although the Central Bank continues to “monitor closely developments including further risk aversion.”
Finance Secretary Margarito Teves, in a press conference that followed the briefing, said, when asked about government response to the financial crisis in the US, that it will have to “analyze and closely follow developments in the next few weeks.”
“It’s too early to tell,” he added.
Inflation and an expected slowdown in export growth, Tetangco said, are among the challenges facing the Philippine economy this year. Remittances from overseas Filipino workers, however, continue to keep the country afloat: in July, remittances went up by 24.6% to US$1.4 billion, according to BSP figures.
From January to July, OFWs sent US$9.6 billion of their earnings here, up by 18.2% from last year’s remittances.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: