The Chamber of Thrift Banks, the umbrella organization of the country’s thrift banks, urged members to strengthen their operations as the new decade began eventfully with environmental, social and geopolitical issues affecting the world’s economies.
The country took an unexpected hit at the start of 2020 from several crises brought on by the Taal Volcano eruption, the outbreak of the African Swine Fever and a possible contagion from the novel coronavirus (COVID-19) that originated from Wuhan, China.
“CTB is taking a proactive stance with the view that risks are unavoidable but can be managed. We hope to prepare our member thrift banks to better address these risks,” said CTB president Cecilio San Pedro Friday.
The Finance Department earlier told a Senate hearing that the Philippine economy would be able to sustain its momentum of growth this year despite these challenges.
Finance Secretary Carlos Dominguez III even said the Duterte administration was sticking to its earlier projection of a 6.5-percent to 7.5-percent expansion of the economy this year despite domestic and global headwinds.
