Our healthy  BIS central bankers’ speeches  1  GIR levels also allowed us to prepay our debts to the IMF and end more than forty years of our country’s dependence on IMF loans in 2006. Thus, when the 2008 global economic crisis came around, we were able to ride it out.
In fact, while credit freeze became the norm in developed countries, Philippine banks remained liquid and able to sustain double-digit growth in lending. And non-performing loans of commercial and universal banks dropped from double-digit levels to 1.87% in May 2013, even better than the pre-Asian financial crisis figures.