Philippines central bank braces for impact of rating upgrades

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The Central Bank of the Philippines has said it is ready to respond to emerging vulnerabilities in the banking sector, as it predicts further expansions resulting from recent upgrades of the country's sovereign debt by rating agencies.

In a statement following the release of its latest report on the Philippine financial system, the central bank said the financial sector had continued to deliver a "remarkable performance" in 2012, with sustained profitability and higher levels of capital.

"The

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