As of the third quarter in 2015, the asset base of the banking industry had reached over P11 trillion, growing over P1 trillion in 12 months, while continuously achieving higher prudential standards by keeping non-performing loans at low single digit-levels. (2.3% as of September 2015). The combined resources of the banking industry are sufficient to finance the requirements of the real economy.
And with a continuing build-up in capitalization, our banking sector more than meets national and international standards. In fact, our semestral stress tests confirm further that bank capitalization stands resilient, even against extreme tail events. Indeed, the numbers do speak for themselves. Ladies and gentlemen. The sustained growth and stability of our banking sector in 2015 happened amid global financial turmoil.