When American investment bank Lehman Brothers collapsed during the 2008 global financial crisis, seven Philippine banks—with combined exposure amounting to $386 million—had to bite the bullet.
Ayala-led Bank of the Philippine Islands (BPI) wasn’t one of them.
That BPI was the only major bank that emerged unscathed from the mortgage subprime crisis was largely due to its prudent risk management and conservative investment strategy.
https://business.inquirer.net/550941/banking-luminary-xavier-xp-loinaz-82
