Life in the Philippines can be unpredictable. For example, in November 2013, super typhoon Yolanda swept across the archipelago destroying 500,000 houses, displacing 4 million people, injuring nearly 28,000 and killing at least 6000. It is estimated that repairing the damage will cost nearly $1bn. Then there is the odd earthquake, 18 active volcanoes and, in some of the southern islands, separatists are fighting for an independent Islamic state.
The Philippines' banks are, however, on the whole, pretty robust. The country's economy is healthy and key to the banking system's strength. Both Moody's and Standard & Poor's say that the country's banks are the most stable in the region, with a favourable outlook for the next year to 18 months. Both ratings agencies, together with Fitch Ratings, upgraded the country's sovereign debt to investment grade in 2013.