More foreign banks eye to operate in PH

  • Page Views 1464
  • 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

    • Here's a story with my byline for PST, and again, it's about the continuing feud between the Marcos and Duterte camps. Please use headshot photos of BBM and Sara.
      12 January 2025
      4 weeks ago No comment

      What’s at stake for BBM, Sara in 2025 midterm elections

      On May 12, some 68 million voters will cast their ballots in the 2025 midterm elections in the Philippines. Up for grabs are more than 18,000 positions. These cover 12 senators, 254 district representatives, 63 party-list representatives, and 17,942 governors, provincial board members, mayors, and councillors. The exercise will ...

    • 23 December 2024
      1 month ago No comment

      Mission/Vision FCCHS

      The Fil-Can Cultural Heritage Society of FCCHS is a non-profit organization established for the purpose of engaging the Filipino-Canadians to immerse themselves in the rich heritage of their ancestors. Our vision is to actively participate, celebrate and promote Filipino cultural and social heritage and values to the various Surrey communities and ...

    • Members & Officers of the PMB holding the City Proclamation of IMD at the CIty Hall in Barrie, Dec 17. (Photo credit: PMB)
      23 December 2024
      1 month ago No comment

      International Migrants Day Proclaimed in BC and Barrie, Ontario!

      Victoria, B.C. — The Province of British Columbia proclaims December 18 as International Migrants Day in the whole province to recognize the contributions of migrants to the province as well as the many challenges they face in Canada. The Provincial Proclamation was witnessed and signed by the Honourable Janet ...

    • I'm hoping you can let me share the spotlight with Pareng Rey in this story about the "75 Faces of Migration". I'm sending here a photo of mine and for caption, just use my name: Carlito Pablo.
      17 December 2024
      2 months ago No comment

      PNT’s Rey Fortaleza and Carlito Pablo honoured in 75 Faces of Migration

      The “75 Faces of Migration” tells inspiring stories of Filipinos in Canada and their remarkable journey. The initiative is a joint undertaking by the Embassy of Canada in the Philippines and the Philippine Embassy in Canada. The storytelling project is one of the highlights of the celebration in 2024 ...

    • 12 December 2024
      2 months ago No comment

      PNT’s Rey Fortaleza and Carlito Pablo honoured in 75 Faces of Migration

      The “75 Faces of Migration” tells inspiring stories of Filipinos in Canada and their remarkable journey. The initiative is a joint undertaking by the Embassy of Canada in the Philippines and the Philippine Embassy in Canada. The storytelling project is one of the highlights of the celebration in 2024 ...