It should be reiterated that the direction of environmental policies has not changed and the medium- and long-term plans to reduce carbon emissions remain valid. It must be clear that any setbacks are temporary and that pursuing net-zero targets in the appropriate time frame is still the priority, notwithstanding the question of how to integrate these targets into the need for energy security.
These risks notwithstanding, In June 2017, Moody’s affirmed its stable outlook on the Philippine banking system citing our: (1) robust real GDP growth; (2) broadly stable bank asset quality; (3) high capital buffers and loan-loss provisioning; (4) the banking system remaining fully deposit funded; and (5) high proportion of liquid assets held by banks. This is a good indication.