More foreign banks eye to operate in PH

  • Page Views 1439
  • 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

    • 07 November 2024
      6 days ago No comment

      Marcos congratulates Trump

      President Ferdinand Marcos Jr. of the Philippines has congratulated Donald Trump for winning the November 5, 2024 U.S. presidential election. “President Trump has won, and the American people have triumphed. I congratulate them on their victory in an exercise that showed the world the strength of American values,” Marcos ...

    • Pope Francis addresses the crowd from the window of the apostolic palace overlooking St. Peter's square during the Angelus prayer on October 27, 2024 in The Vatican.
      04 November 2024
      1 week ago No comment

      Pope prays for Kristine victims in Philippines

      MANILA, Philippines — Pope Francis has offered prayers for Filipinos affected by Severe Tropical Storm Kristine. At Sunday’s Angelus address at the Vatican, the 87-year-old pontiff reportedly mentioned praying for the victims of Kristine. “I am close to the population of the Philippines, struck by a powerful cyclone. May ...

    • 04 November 2024
      1 week ago No comment

      Duterte: no apology, no excuses for drug war

      Former Philippine President Rodrigo Duterte on October 28, 2024 offered no apologies or excuses for his actions as he faced a Senate investigation into his widely criticized bloody war on drugs for the first time. Before reading his prepared statement during the hearing of the Senate blue ribbon subcommittee, ...

    • 24 October 2024
      3 weeks ago No comment

      Marcos-Duterte feud: “now a fight to the finish”

      The raging spat between the two most powerful political dynasties in the Philippines isn’t showing signs of letting up. As one political observer noted, the fight between the camps of President Ferdinand “Bongbong” Marcos Jr. and erstwhile ally Vice-President Sara Duterte-Carpio has reached a point of no return. “This ...

    • 21 October 2024
      3 weeks ago No comment

      Filipino Art is Alive and Well!

      Marianne Valdez, a Canadian-born Filipino visual artist and live painter from Surrey, British Columbia, brings a fresh cultural perspective to contemporary art. Her exhibit, “Masaganang Buhay: A Bountiful Life,” opened at the Philippine Consulate General in Vancouver on October 11th. It was warmly welcomed by Acting Consul General Analyn ...