Sunday, October 2, 2011

PH exposure to euro zone minimal

BSP says local banks to sustain profitability
By: Michelle V. Remo
Philippine Daily Inquirer

The Bangko Sentral ng Pilipinas on Friday said that the exposure of Philippine banks to the crisis-stricken euro zone was insignificant and local financial institutions were likely to sustain profit growth this year.
A recently concluded survey conducted by the Bangko Sentral ng Pilipinas said that as of June 30, the amount of euro-denominated securities held by Philippine banks stood at only 1.4 percent of their assets. The securities included those issued both by European governments and private entities.

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