PH banks' exposure to China short of 1% – BSP

Philippine banks have a limited exposure to the Chinese market, according to the Bangko Sentral ng Pilipinas (BSP), allaying concerns about the impact of property developer Evergrande's reported problems in the industry.

In a briefing on Wednesday, Ma. Cynthia Sison, BSP deputy director for Supervisory Policy and Research Department, said Philippine banks are primarily domestic-oriented, with cross-border exposures or claims from counterparties in other countries accounting for 9.4 percent of total banking system assets.