The International Monetary Fund (IMF) has expressed confidence in the strength of the Philippine banking sector over the next two years but warned of possible vulnerabilities, particularly in the real estate sector and growing consumer credit.
In a press briefing, IMF mission chief Elif Arbatli-Saxegaard said the country's banking sector has robust capital and liquidity buffersm, but advised continued vigilance from the Bangko Sentral ng Pilipinas (BSP) against risks.
"Systemic risk within the financial system remains moderate, with a banking sector characterized by strong capitalization, liquidity and profitability," she said.
"(But) continued vigilance is warranted against pockets of vulnerability in the real estate sector and a fast-growing consumer credit market." Saxegaard said the real estate sector underwent significant shifts during the pandemic, including the rise of demic, including the rise of work-from-home arrangements and changes in business process outsourcing (BPO) HP PHILIPPINES operations.
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