Philippine banks rebound faster than post-Asia crisis

Recovery push: The logo of the Central Bank of the Philippines is seen at its main building in Manila. Like other global central banks, it has eased monetary policy and brought in other relief measures to limit the fallout of the pandemic. ─ Reuters

MANILA: 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.