The Bankers Association of the Philippines (BAP) assures the Filipino public that the failures of three U.S. banks in less than a week has “no substantial nor material impact” on the local banks.

BAP said in a statement that Philippines’ banks have diversified deposit bases that include all sectors of the local economy, allowing them to continuously provide the liquidity needs of their clients.

Additionally, banks in the Philippines continue to have capital and liquidity ratios that exceed the requirements set by the Bangko Sentral ng Pilipinas (BSP).

The prudential measures implemented by the BSP provides the necessary support to allow the Philippine banking system to withstand economic shocks.

The BAP added that it will continue to work with BSP and other stakeholders to “pursue reforms that will lead to an even stronger financial system that sufficiently provides the financial needs of the banking public”.