This is sufficient to cover  9.2 months worth of imports (Source: Bangko Sentral ng Pilipinas). 4 Source: www.bsp.gov.ph/statistics/statbskrtb.asp 5 As of end-September 2016, the capital adequacy ratio (CAR) of subsidiary TBs registered at 15.9 percent on  solo basis. On the other hand, the CAR of stand-alone TBs recorded at 19.7 percent as of end-June 2016.
But they were distributed not only in the US but also in other advanced economies as well as in emerging markets. Market participants in these countries have often bought assets without fully understanding their risk profile. Furthermore, there has been an insufficient production of alternative assets around the world, compared to the large amount of savings available.