Foreign banks in RP

Foreign banks in RP

MANILA (AFP): Central Bank governor Gabriel Singson said yesterday the first approvals for foreign banks applying to enter the Philippines will be announced in the first quarter of 1995 even as Dutch bank ABN Amro filed an application to operate here.

ABN Amro, with an offshore banking unit in this country, is the second Dutch bank to apply for full commercial operations, following on the heels of ING Bank, which made an application last month.

So far, 31 foreign banks have applied for one of 10 licenses that will be allowed under a law passed earlier this year.

The law however says the choice of the 10 should be determined by region, size and ability to bring investment into the country.

There are only four foreign banks presently allowed commercial operations in the Philippines.