Philippine Banks Strengthen

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Its amazing how much difference a few minor modifications can make to such a large bank. The revisions that have taken place have obviously had a very positive effect on Philippine Banks, so the formula should be put to use elsewhere.

Philippine Banks Strengthen

PHILIPPINE BANKS reported better earnings and stronger balance sheets in the third quarter after relaxed accounting rules allowed them to revise their financial statements.

The reclassification, which lapsed last Nov. 30, allowed financial institutions to move their equity and debt investments out of the trading category to the loan or until maturity categories, giving banks reprieve from marking hard-to-value assets down to fire sale prices.