The Bangko Sentral ng Pilipinas (BSP), the country’s central bank, announced in 2011 it had approved revised guidelines on financial reporting and was modifying restrictions on the number of branches that can serve certain areas. BSP officials also indicated in late 2011 the regulator planned to accelerate the implementation of Basel III standards...
While there may be more than 700 banks in the Philippines, the six largest account for more than 60% of total assets. Despite the fact that many lenders around the world have taken a hit due to the global economic slowdown, most of the banks in the Philippines are doing quite well, posting good numbers in 2011. Moreover, the country’s banks are...
Although economic headwinds have thrown international markets off course, the Philippine economy has managed to stay on a relatively even keel. Local authorities note that while GDP growth slowed in 2011 relative to 2010 due to weak external demand and government underspending, household
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