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The associated director of the ratings agency Standard & Poor’s Agost Bernard has been painting the town red with the glowing remarks of Arroyo administration.

“The Philippines is ‘lucky’ because they made necessary adjustments and reforms when times were still good. They are now facing global market problems and economic slowdown from considerably improved position compared to what they were three to four years ago.” Beranrd said reportedly. His testimonial was pleaseant to the Malacañang’s ear and another official credited Filipino bankers for the country’s “luck”.

In a public forum last week at the Philippine Embassy in Washington D.C. Gov. Amando Tetangco Jr. of the Bangko Sentral ng Pilipinas (BSP) render tribute to the executive of the Filipino banks for helping the Philippines to insulate from the global financial turmoil.

“We really have good bankers, and that is why we are not affected like the other banks in the world.” BSP chief said. The typical Filipino banker is “conservative, prudent and able to make clear and accurate assessment of risks,” he added.

The Filipino banker’s business model is the kind that involves originate and hold, rather than originate and distribute. “It‘s all about greed- once you give it an opening, it will swallow you alive.”

“If you know how to take advantage of it, greed is good. No one in the Philippine banks would have taken a risk and lent me the money to buy my first new car and a house and become a productive person, it is all because of their greed,” said Mon V., a long time Texas resident.

“Living beyond your means is what greed is. ‘Greed is good’ statement is valid only when the fundamentals are solid. “ Jojo B., a retired executive from one of the country’s biggest conglomerates said.

Owner of the numerous businesses include promoting alternative energy, Jing M. said, “Philippines have been determined risk management practices by the experiences of the past wherein banks’ capital were eroded from withdrawals and behest loans. In other words, they are now careful because they have been hit hard before.“

Butch S., top executive of a government financial institution has said, “One could sense a feeling of ‘subdued or suppressed pride’ in our bank’s by not having any exposure to those Wall Street biggies. And I like Governor Tetangco’s ‘frozen credit flows’ phrase. I hope the thawing has started somewhat and it Greed will give way to Trust.”