The Bangko Sentral ng Pilipinas will dish out sanctions to banks, their personnel, and officers especially those who engage in unsafe practices. This announcement took place amidst investigations concerning a grand heist involving local financial entities. The BSP stressed that despite everything, the local banking system continues to remain strong.
The statement from BSP reads, “The Philippine banking system remains operationally sound and fundamentally strong as manifested by mainstream indicators on capitalization, asset quality, and the steady growth of assets, deposits, and loans.” BSP Deputy Governor Nestor A. Espenilla, Jr. has also revealed that the bank is reviewing its rules to prevent more incidents similar to the heist.
