When the CBN closed down the EDW and, in its place, guaranteed inter-bank placements, it was observed that the same banks were the main net-takers under the guarantee arrangement, indicating that they had more deep-rooted liquidity problems. Further investigation by the CBN identified eight interdependent factors as the main origin of the crisis in the banking sector.
You have a unique place in our economy as you personify the convergence of the best from two cultures: the highly admired Chinese work ethic combined with Filipino ingenuity. This formidable combination has given wings to a strong entrepreneurial spirit that has helped strengthen the backbone of the Philippine economy.