Money

Strong and liquid: BAP moves for calm amid jitters over ABS-CBN’s P26B bank loans

The Bankers Association of the Philippines has assured the country’s banks were “strong and liquid” to absorb any defaults.

“In the midst of today’s pandemic and concerns on the non-renewal of the ABS-CBN broadcast franchise, we strongly believe that banks will continue to be steadfast they are supported by strong financial conditions,” said BAP.

P27B debt: Aboitiz-led Union Bank most at risk among ABS-CBN’s creditors

BAP issued the statement amid concerns over the P26 billion owed by ABS-CBN Corp. to six banks are Union Bank of the Philippines (P11.35 billion), Bank of the Philippine Islands (P10.073 billion), BDO (P2.762 billion), Rizal Commercial Banking Corp. (P1 billion), Philamlife (P1 billion), and Security Bank (P873 million).

BPI president Cezar Consing is president of BAP.

BAP said: “The banking industry remains strongly capitalized and in solid liquidity position to manage credit risks. The prudential measures instituted by the Bangko Sentral ng Pilipinas allowed the banking industry to remain strong and healthy through the years that enable the banks to withstand various crises.”

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