PRESIDENT Gloria Macapagal-Arroyo urged Asian banks to become catalysts in gathering the groundswell for reforms in banks in Asia and the world, especially after the emerging markets showed its resiliency to the financial crisis.

During the 26th Asian Bankers Association (ABA) General Meeting and Conference at RCBC Plaza in Makati City, Arroyo said the prospects for growth in Asia are strong and the region is doing well amidst the global economic crisis.

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She said the Philippines, in fact, was among those that demonstrated the strength and resiliency of emerging markets to weather the global economic crisis by growing, even when all other countries contracted, enabling it to reduce poverty and improve its revenues.

Arroyo added that the stability of peso and the growth of remittances from the country's overseas workers are good indicators and reflection of a good economy.

She also acknowledged that the country's former finance chiefs - including former Prime Minister and former Finance Minister Cesar E. A. Virata and her former Finance Secretary Jose Camacho, and former Bangko Sentral ng Pilipinas Governor Gabriel Singson who were all present - to be thanked for "starting the financial reforms that have served us well in the face of the global economic crisis."

The President lauded the Asian banks for being "free of toxic assets" and not needing government bail-outs like what happened in the banks in the affluent countries in Europe and the United States.

According to her, Asian financial system has remained "steady and ready to support the (coming) growth after the global crisis."

"Years of trade surpluses and high trading rates have contributed to record foreign revenues," Arroyo said.

She added that the high percentage of private consumption to gross domestic product (GDP) had enabled the emerging Asian economies like Indonesia, Vietnam, Philippines, Myanmar, Sri Lanka, and Bangladesh, to perform better in the current global crisis that badly hit trade-dependent economies since the crisis brought a virtual collapse to international trade.

These countries, she said, even grew better than their more affluent but trade-dependent neighbors in Asia.

The 26th Asian Bankers Association (ABA) General Meeting and Conference was attended by Asian bankers and serves as an opportunity for them to exchange information and recommendation on how to face the current crisis. (JMR/Sunnex)