Top banks weathering inflation, rate hikes

FIRST tier Philippine banks are doing well despite high inflation and tight rate hikes, a Fitch Group unit said in a report on Friday.

For the first quarter of the year, CreditSights gave a "market perform" recommendation for two of the country's top banks — BDO Unibank Inc. and Bank of the Philippine Islands — while an underperform recommendation was retained for three second-tier banks — Security Bank Corp., Union Bank of the Philippines and Philippine National Bank (PNB).