RP to allow foreign banks

RP to allow foreign banks

MANILA (AFP): Central Bank Governor Gabriel Singson said
yesterday that 10 foreign banks would be allowed entry into the
Philippines with representation from five regional groupings --
North America, Europe, Japan, Asia and Australia-New Zealand.

Singson said the Monetary Board, the government's highest
monetary policy-setting body, agreed that banks applying for full
commercial operations would be evaluated regionwise and would not
have to compete with each other on a global basis.

The board expects to name the 10 banks this month, joining the
four foreign banks that already operate in the country.

As many as 22 foreign banks have applied. Five, including
Chemical Bank and Chase Manhattan Bank, come from the North
American region while four others, including Deutsche Bank AG,
are from Europe.

Bank of Tokyo and Fuji Bank Ltd. represent Japan while 10
banks hail Asian countries, namely Taiwan, Singapore, South
Korea, Indonesia and Thailand.