MANILA - Fitch Ratings said Thursday it affirmed the credit ratings of 3 of the Philippines' largest banks due to their ability to withstand the COVID-19 pandemic.
Fitch Ratings maintained its BBB- rating with stable outlook individually for BDO Unibank, Bank of the Philippine Island and Metrobank, its director for Asia Pacific Banking Financial Institutions Willie Tanoto told ANC.
BDO and Metrobank are the Philippines' largest and second largest banks in terms of assets, while BPI ranked 4th, based on data from the Bangko Sentral ng Pilipinas.
"The big 3 banks have a certain degree of protection by the nature of their franchise, the fact that they are the largest banks they have the largest networks," Tanoto said.
The 3 banks entered the COVID-19 pandemic with a "relatively strong position" and with higher earnings profile, higher credit reserves, adequate capital buffers and with a good degree of deposit inflows, Tanoto said.
China Banking Corp, Philippine National Bank, Development Bank of the Philippines and Landbank of the Philippines "were downgraded in negative actions in different ways," Tanoto said.