Manila, Jan. 15 -- The financial collapse of Hanjin Heavy Industries and Construction Philippines will not drag the local banking sector down with it, despite the substantial loan exposure of five major banks, a Fitch Solutions study said.
In a report dated January 14, 2019, the economic research firm said the USD412 million combined loan exposure of five domestic financial institutions is the largest to date after the USD386 million losses during the 2008 global financial crisis.
These banks include the state-owned Land Bank of the Philippines (Landbank), Yuchengco-led Rizal Commercial Banking Corporation (RCBC), Ty-led Metropolitan Bank & Trust Company (Metrobank), Ayala-led Bank of the Philippine Islands (BPI) and Sy-led Banco de Oro U...