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MANILA, Philippines – Local financial regulators have flagged the impact of war-driven market volatility on corporate and household debt, while stressing that the banking system remains resilient.
During its quarterly meeting on May 20, the Financial Stability Coordination Council (FSCC) cited risks stemming from the ongoing war in the Middle East, which has rattled global markets. The council warned that a prolonged conflict could further unsettle financial conditions.
READ: Bad-loan ratio fell to 3-month low in March despite war risks
The FSCC is composed of the Bangko Sentral ng Pilipinas (BSP), Department of Finance, Securities and Exchange Commission, Insurance Commission and Philippine Deposit Insurance Corp.
