Another source of resilience for our economy is our strong and responsive banking sector. As of November 2012, aggregate gross lending of universal and commercial banks was around P3.4 trillion, 13% higher than the year before. In fact, lending of universal and commercial banks has been growing at double-digit rates since January 2011.
Indeed, the Philippine banking sector continues to underpin our country’s economy, as adherence to good governance becomes the norm and risk management standards align with global benchmarks.