More foreign banks eye to operate in PH

  • Page Views 1194
  • More foreign banks are eyeing to establish presence in the Philippines, including representative offices, because of the sound and stable banking system here, Bangko Sentral ng Pilipinas Governor Nestor A. Espenilla Jr. said.

    Eight Asian banks have expressed interest in putting up operations in the country, although they have yet to submit documentary requirements to be considered as officially applying for entry, Espenilla told reporters.

    Some foreign banks and financial institutions, which included non-Asians, meanwhile, have submitted documents to apply for representative offices.

    “Representative offices are mainly focused on marketing. They are also important because representative offices are also useful in drawing in investments into the country,” Espenilla said.

    The BSP chief said foreign lenders usually first test the domestic market through their representative offices.

    “It’s a light presence because it’s for marketing only. But if they see a really good market demand, it may progress into a branch application,” he said.

    In 2014, then President Benigno Aquino III signed into law Republic Act (RA) No. 10641, which allowed the full entry of foreign banks.

    Under RA 10641, foreign lenders can account for a maximum of 40 percent of the banking industry’s assets.

    So far, the BSP has allowed 10 Asian banks to fully operate in the country, namely:

    • Japan’s Sumitomo Mitsui Banking Corp.
    • Singapore’s United Overseas Bank Ltd.
    • South Korea’s Shinhan Bank, Industrial Bank of Korea, and Woori Bank
    • Taiwan’s Cathay United Bank, Chang Hwa Bank, First Commercial Bank, Hua Nan Bank, and Yuanta Commercial Bank Co. Ltd. (B.O.de Vera, Inq)

    Share

    New Posts Recently publish post More

    • 23 May 2022
      2 days ago No comment

      Pacquiao floats Ma-So (Manny-Sotto)

      PROMDI presidAdd Newential aspirant Sen. Manny Pacquiao yesterday brought up the possibility of adopting Senate president Tito Sotto as his running mate should his vice-presidential candidate, former Manila mayor Lito Atienza, backs out. Atienza recently underwent surgery on his knee after an accident at home before the start of ...

    • 23 May 2022
      2 days ago No comment

      PBA Outlook: Di pa tapos ang lahat para kay Coach Chito at Coach Yeng

      Tatapusin na ng Barangay Ginebra at Meralco ang kanilang best-of-five semifinal round serye laban sa NLEX at Magnolia Pamabansang Manok Hotshots, ayon sa pagkakasunod, sa PBA Governors’ Cup ngayong araw sa Araneta Coliseum. Kapuwa nangunguna, 2-1 panalo-talong kartada makaraan ang unang tatlong paghaharap, kailangan na lamang ng Gin Kings ...

    • 23 May 2022
      2 days ago No comment

      Robredo ‘happy’ for endorsements, will continue to strengthen her campaign

      Vice President Leni Robredo expects more endorsements to come her way in the last 40 days to Election Day, though she emphasized that her campaign’s strength comes from the volunteers who are “very passionate” and “invested.” During a media interview by the seaside in Brgy. San Jose in Sogod, ...

    %d bloggers like this: