She acknowledged the presence of former Prime Minister and former Finance Minister Cesar E. A. Virata; former Finance Secretary Jose Camacho, and former Bangko Sentral ng Pilipinas Governor Gabriel Singson in her speech before the 26th Asian Bankers Association general membership conference held at the RCBC Plaza in Makati City.

She praised the Asian banks for being “free of toxic assets” and not needing government bail-outs compared to the banking systems of more affluent countries in Europe and the United States.

Compared to other banks, the Asian financial system has remained “steady and ready to support the (coming) growth after the global crisis,” the Chief Executive said. “Years of trade surpluses and high trading rates have contributed to record foreign revenues,” she added.

She said the high percentage of private consumption to gross domestic product (GDP) enabled the emerging Asian economies to perform better in the current global crisis that badly hit trade-dependent economies since the crisis brought a virtual collapse to international trade.

She cited in particular the high percentages of private consumption (to GDP) of Indonesia, Vietnam, the Philippines, Myanmar, Sri Lanka, and Bangladesh, which enabled these countries to grow better than their more affluent but trade-dependent neighbors in Asia.

The President said Asian banks can become catalysts in gathering the groundswell for reforms in banks in Asia and the world.

The Philippines, she said, has demonstrated the strength and resiliency of emerging markets to weather the global economic crisis by growing, even when all other countries contracted, enabling it reduce poverty and improve its revenues (PIA- Pagadian City)

Last update: 09-11-2009 01:47