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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…

Read also: Banking sector to weather Hanjin default – Hanjin’s P21-billion bank exposure ‘very negligible’ — BSP: 5 big banks ‘taking actions collectively’ after $412-M Hanjin BSP downplays effect of Hanjin default on banking