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PH banks can weather record Hanjin default, BSP assures public

Banking regulators on Friday moved to reassure the public about the strength of the financial system after the bankruptcy of a Korean-owned shipbuilder in Subic Bay triggered a $ 412-million default on local lenders — the biggest in Philippine corporate history.

In a statement to the Inquirer, the Bangko Sentral ng Pilipinas said the banking industry has enough capital buffer to weather the sudden collapse of Hanjin Heavy Industries and Construction Philippines, which operates a $ 1.6-billion shipyard in Zambales employing 23,000 workers.

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Notably, BSP Deputy Governor Diwa G…
Banking Industry News

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