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Press Release March 14, 2023

Statement on the continued strength and stability of the Philippine banking system

The Bankers Association of the Philippines assures the Filipino public that recent developments
in the U.S. financial system have no substantial nor material impact on Philippine banks.

Banks have diversified deposit bases that include all sectors of the Philippine economy, allowing
them to continuously provide the liquidity needs of their clients. Additionally, banks in the
Philippines continue to have capital and liquidity ratios that exceed the requirements set by the
Bangko Sentral ng Pilipinas. The prudential measures implemented by the BSP provides the
necessary support to allow the Philippine banking system to withstand economic shocks.

The BAP continues to work with BSP and other stakeholders to pursue reforms that will lead to
an even stronger financial system that sufficiently provides the financial needs of the banking