Philippine banks likely to recover faster from pandemic than 1997 Asian crisis businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.
January 19, 2021 | 9:00 pm Font Size
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THE PESO slipped further against the dollar on Tuesday as investors stayed on the sidelines ahead of the inauguration of the incoming president of the United States on Wednesday.
The local currency shed 0.3 centavo to close at P48.078 versus the dollar on Tuesday from its P48.075 finish on Monday, data from the Bankers Association of the Philippines showed.
The peso started the session stronger at P48.06 per dollar. It weakened to as lows as P48.082 while its intraday best was at P48.055 against the greenback.
Dollars traded increased to $650.6 million yesterday from $418.7 million on Monday.
Philippine Banks Pandemic Rebound Quicker Than Asian Crisis Era bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
12:22 PM MYT MANILA, Jan 18 (Bloomberg): Philippine banks will recover faster from the impact of the coronavirus pandemic than they did from the Asian financial crisis due to record-low interest rates, higher capital and a stable economy, the head of the nation’s bankers group said.
Lenders in the South-East Asian nation may bounce back in three to four years, about half the time it took after the 1997 crisis as banks aggressively provision for probable losses, said Cezar Consing, president of the Bankers Association of the Philippines. This crisis might be more impactful on the economy, but the banking system at the same time is better able to handle some of the stresses,” he said in an online interview.