Financial system ‘sound’ but regulators flag ‘concentration risk’

MANILA, Philippines — As shockwaves from the Middle East war intensify, the local guardians of financial stability declared that the financial system remains “sound” while pledging to curb “concentration risk”. “The banking system’s resilience is underpinned by strong capital and liquidity,” Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. said in a statement