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Philippines may experience 'credit squeeze' from global crunch

The Philippines may experience a "credit squeeze" if the global financial crisis worsens, central bank Deputy Governor Diwa Guinigundo said in a speech in Manila on Friday.

  • Bloomberg
  • Published: 10:38 October 24, 2008
  • Gulf News

Manila: The Philippines may experience a "credit squeeze" if the global financial crisis worsens, central bank Deputy Governor Diwa Guinigundo said in a speech in Manila on Friday.

"If the crisis is prolonged and much deeper, the impact to us may be more significant than what we're seeing today," he said.

"It may affect our economic performance. Credit squeeze can be expected and risk aversion may intensify," he said.

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