Moody's: Philippines banks need more transparency

Reforms to the Philippine banking system undertaken since the Asian currency crisis have helped to improve the regulatory and supervisory system, but confidence would be further enhanced by greater transparency, formalization of procedures and institutionalization of reforms, Moody's Investors Service said in a new report.

Philippine banks face little competition, and have developed strong earnings profiles, further buttressed by universal banking licenses that allow them to offer a wide range of financial services, Moody's said.

But they are exposed to high credit losses due to a volatile operating environment and weak governance, the agency added.

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