Philippines banks remain strong in their operations despite several waves of financial market volatility this year, the Bangko Sentral ng Pilipinas said. However, Fitch Ratings Financial Institutions Director Elaine Koh told the BusinessMirror that sudden changes in business process outsourcing (BPO) flows and an unforeseen deterioration in remittance inflows could spell uncertainty and volatility for banks. The local banking industry posted a 16.7% overall growth in terms of net profits for Q3, up from the P98.4bn net profit in end-September 2015 to P114.8bn this year. Banks’ total assets also grew double digits at 11.7%, from P11.5tr in end-October in 2015 to P12.9tr in October 2016, already surpassing the P12.09tr total assets recorded in December 2015.
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