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.