Amid perceived uncertainty and apprehensions over the stability of the local banking system as seen in the collapse of 41 banks in the last 18 months, Malacañang still won’t see it as an indication of a problem requiring swift government action.
Reacting to queries posed by Palace reporters, deputy presidential spokesman Abigail Valte said that depositors need not feel worried over the local banking system even as she claimed that the Bangko Sentral ng Pilipinas, in its mandated capacity as a regulator, remains on top of the situation.
Valte explained that recent developments in the banking sector should not be mistaken as a negative indicator of the industry’s condition. She added that the RP banking industry “by all indications seemed stable.”
The Palace mouthpiece further said that reports of a looming loss of confidence by the depositors in the banking industry as shown in a data presented in session by a congressman representing a party-list group, isn’t reflective of the entire banking industry which was recently hit by a phenomenal closure of 41 banks in just 18 months of the Aquino presidency.
The President has been asked to take swift necessary measures meant to stop the bleeding of what appears to be an ailing banking industry amid a record high bank closure as pitted to a given time frame.  
However, instead of instituting radical measures meant to provide first aid to a dying industry under the category of “small banks,” President Aquino’s Palace aides instead asked the Philippine depositors to take their money only in what Valte would claim as “reputable banking institutions.”
Published reports had over 547,000 depositors claiming to be distressed by the collapse of 41 banks in the last 18 months, a party-list congressman said yesterday.
The increasing number of lenders biting the dust prompted Rep. Arnel Ty, a member of the House committee on banks and financial intermediaries, to push for a legislative inquiry.
“We have to ascertain whether existing laws are adequate to discourage unsafe, unsound and fraudulent banking practices, protect depositors, promote savings, support responsible credit and reinforce public confidence in the (banking) industry,” said Ty, who represents the LPG Marketers’ Association sectoral party in Congress.