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Byline: Jessica Anne D. Hermosa
Business leaders in the region have urged their governments and members of the affluent Group of 20 (G-20) to postpone the implementation of stricter banking rules until a global economic recovery takes firmer root.
In a statement issued following a meeting in Vietnam last week, the Asia-Pacific Economic Cooperation Business Advisory Council (ABAC) said higher capitalization requirements, if enacted prematurely, could tighten the supply of credit just when funds are most needed.
Philippine central bank officials, for their part, said they were amenable to keeping the status quo as the local banking sector remained healthy. But while they support G-20 moves to prepare a framework …