BIS central bankers’ speeches  1  2. The Philippine banking system is sound. Again, this is not to be taken as a trite phrase. The banking system is growing steadily, creating a solid base for domestic retail funding.
It is also more than adequately capitalized and the BSP does not foresee any major difficulties for the system to meet the requirements of the early adoption of the capital requirements of Basel 3 in January 2014. 3. The Philippine external position is robust.