More foreign banks eye to operate in PH

  • Page Views 559
  • 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

    • 09 December 2018
      2 days ago No comment

      ‘Eat Bulaga’ scholar tops board exams

      “EAT Bulaga” scholar Jaydee Lucero, who topped the November 2018 Civil Engineering licensure examination, dedicated his well-earned success to his late father. Lucero, who graduated magna cum laude from the University of the Philippines-Diliman, got the highest passing rate of 97.20 percent among all the 13,887 examinees who took ...

    • 09 December 2018
      3 days ago No comment

      How about a show starring Kris and Bimby?

      KRIS Aquino should produce a show. Someone suggested that the actress and popular endorser could very well make her own program on national TV starring her and son Bimby Yap. The title of the program could be “Mom and Son,” added the observer. Well, why not? Kris has all ...

    • 09 December 2018
      3 days ago No comment

      How Iza is preparing for her altar date

      THE scintillating Iza Calzado is set to wed her fiancé, tech entrepreneur Ben Wintle, in a fun beach wedding very soon. The bride-to-be met her beloved, British-Filipino Benjamin Wintle seven years ago. “He is a tech entrepreneur and is the founder and CEO of the app, Booky, which started ...

    • 09 December 2018
      3 days ago No comment

      Karylle talks about mom Zsa Zsa Padilla amid ASAP issue

      “She’s good,” paniniyak ni Karylle sa kalagayan ng kanyang inang si Zsa Zsa Padilla. Naging usap-usapan nitong mga nakalipas na linggo ang diumano’y hindi pagkakasali ng Divine Diva sa ASAP Natin ‘To, ang reformatted Sunday musical-variety show ng ABS-CBN. Lalo pang tumibay ang hinalang may sama ng loob ni ...

    • 08 December 2018
      4 days ago No comment

      James Reid clarifies sports car ‘gift’ for Nadine Lustre

      When James Reid made Nadine Lustre feel a little extra special on her birthday by picking her up in a sports car, some assumed that he either owned the expensive ride or that he bought it as a gift. In an interview with CinemaNews, posted by Pep on Monday, ...

    %d bloggers like this: