The extent of exposure of Philippine banks Going to the actual exposures of Philippine based banks to Lehman Brothers, we have already stated publicly that the magnitude is roughly 0.3 percent to 0.4 percent of total assets. In other words, the extent is less than one-half of 1 percent of total assets.
This marginal exposure is spread over a limited number of banks and involves transactions arising from Special Purpose Vehicles as well as the direct investment in Lehman-issued financial instruments. Banking market remains stable Apart from the limited exposure, we find that our market’s reaction has been contained as well. The Peso, for example, depreciated when talk of Lehman’s difficulties took center stage.