Moody’s: Philippine bank reliance on remittances double edged
Moody’s Investors Service says the reliance of Philippines banks on remittances from the country’s overseas workforce provides enhancements to earnings stability and credit quality over the near and medium term.
“In addition, the combination of rising remittance flows and the renewed interest of banks in building consumer financial services has helped revive domestically retail banking products, which have grown faster than other types of loans,” says Richard Lung, a Moody’s VP/Senior Analyst.
— www.theasianbanker.com (May 16 2008)–