There are evolving competitive forces expected to come from banks outside the region which have an interest to service activities in the country as well as future Qualified ASEAN Banks (QABs) who exemplify ASEAN integration. I am confident in the ability of our banks to be up to these challenges.
Yes, we may not be a big market with big banks but our continuing reform agenda has made our banks stronger and more stable. And we have an economy whose prospects attract the interest of not just a few. In Moody’s recent publication on banking system outlooks covering 67 jurisdictions, the Philippines was the only banking jurisdiction rated positive.