What made the Philippine banking system stronger during the 2008 financial crisis compared to 1997?
Answer (1)
After the 1997 Asian Financial Crisis, the Philippines reformed its banking system to prevent similar damage in the future. Reforms in BankingIncreased required capitalStricter lending policiesTransparency with their financial statements By 2008, these improvements helped banks remain stable even when global markets were crashing. Fewer bad loans and better supervision meant that Filipino banks didn’t collapse or need large bailouts, unlike in other countries where banks failed.
