Top Philippine Bank CEO Says ‘Expect The Worst’ Amid Tariff War

The Philippines’ top lender has boosted provisions for bad loans as it warned fellow banks to “expect the worst” amid the uncertainty posed by US tariffs, according to its chief executive.

BDO Unibank Inc. President and Chief Executive Officer Nestor Tan said Black Swan events — or unexpected situations usually with extreme consequences — are “becoming more frequent,” citing the Asian financial crisis in late 1990s, the 2008 global financial crisis and the pandemic in 2020.