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Foreign banks can now apply to operate in the country or to acquire up to 100 percent of a local lender following the issuance of the implementing rules and regulations of the amended foreign banks law.
“We are very appreciative of the efforts of our legislators to pass into law RA 10641 and the BSP is quite happy to now issue the IRR to execute this law,” Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. said in a statement.
RA 10641 allows the entry of more foreign banks in the country.
Moreover, this allows foreign banks to buy as much as 100 percent of a local bank, amending a previous provision that only permits them to own up to 60 percent of any Philippine lender’s voting stock.
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