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Russia-Ukraine war brings minimal impact to Philippine banks

The Bangko Sentral ng Pilipinas (BSP) said the cross-border financial exposure of Philippine banks to Russia and Ukraine is minimal. BSP Governor Benjamin E. Diokno said that as of end-September 2021, Philippine banks have cross-border deposit liabilities to Russia and Ukraine amounting to only USD672,200 and USD969,200, respectively. He added that local lenders have no cross-border financial assets with Ukraine and Russia. As of December 2021, Diokno said two Philippine banks have PHP254.12m in investments, through their trust departments, in two Russian banks — VTB Bank Public Joint Stock Co and the Russian Agricultural Bank , which represents less than 1% of the two Philippine banks’ total assets under management. Diokno also said inflows from both Russia and Ukraine account for less than 1% of total cash remittances last year.

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