In 2014, The Asian Banker granted us the “Best Conduct of Business Regulator Award.” And we are happy to report that from 2012 to 2014, the Philippine banking system was the ONLY ONE with a POSITIVE outlook from Moody’s, from among the nearly 70 jurisdictions it rates. Ladies and gentlemen, the Philippine banking system is strong.
The associated containment measures have dampened activity, particularly in consumer services such as travel, tourism, hospitality and entertainment. The current pandemic wave and associated restrictions are likely to continue to have a negative impact on growth at the start of this year.