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The outlook for Philippine banks over the next 12 to 18 months is” stable, based on the robust fundamentals of the system, and the country's macroeconomic stability,” said ratings agency Moody’s Investors Service.

"Asset quality will remain broadly stable, supported by stable macroeconomic factors, and the stable debt servicing metrics of borrowers," said Alka Anbarasu, a Moody's Vice President and Senior Analyst, in a statement on Monday.

"Profitability remains stable and the banks' high loss absorbing buffers will provide support for unexpected losses," added Anbarasu. "Ample domestic liquidity will also support the banks' funding profiles."

But Moody's said while the Philippine government’s capacity to provide support to banks in times of stress has improved in recent years ? owing to strong economic performance and improvements in fiscal management ? systemically important banks will likely receive greater support from the government than smaller banks.

Moody’s said “risks are emerging in terms of the banks' increasing exposure to

real estate-related loans and higher yielding small and medium enterprises.”

But loss absorbing buffers are high and will provide support for unexpected losses, Moody’s said. Increases in capital by banks over the last few years and higher regulatory capital requirements than international norms will help banks maintain buffers against downside risks, added Moody’s.

Moody's expects the Philippines will post real GDP growth of 6.5 percent for 2016 and 2017; much higher than other countries in the Association of Southeast Asian Nations. .

Moody's conclusions were in its report on Philippine banks titled, "Banking System Outlook ? The Philippines: Robust Fundamentals Drive Stable Outlook".

Moody's outlook on the Philippine banking system has remained stable since November 2015. DMS