The ECB will supervise the largest banks, assisted by the national supervisory authorities, which in turn will remain responsible for supervising the other banks in accordance with guidelines set by the ECB.
Before the pandemic hit, we were on our way to A-level credit rating. While the virus set us back, the Philippine economy was strong and the Duterte administration carried on its game-changing reforms. Not surprisingly, all the international and regional rating agencies unanimously affirmed the Philippines’ investment-grade ratings throughout the pandemic despite a wave of ratings downgrades for many advanced and emerging economies.