Allowing full entry of foreign banks seen to boost PHL economy

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MANILA — The Philippines expects the full entry of foreign banks can accelerate the growth of the economy especially amidst next year’s ASEAN economic integration, a Palace official said.

Presidential Communications Operations Office (PCOO) Secretary Herminio Coloma Jr. stressed this after President Benigno S. Aquino III signed into law Republic Act 10641 or an Act Allowing the Full Entry of Foreign Banks in the Philippines.

Coloma said the new law is a product of a thorough study and is in line with principles of other countries.

“Isipin po natin ‘yung reyalidad na kumikilos na tayo patungo doon sa ASEAN integration at kasama po diyan ‘yung aspeto ng financial integration,” he said.

Coloma said many investors intend to pour in their money or invest more in the country.

“Sila po ‘yung nananawagan na kung pwedeng pahintulutan na magbukas din dito mismo ‘yung mga bangkong ginagamit nila sa kanilang negosyo. Kaya ito po ay isang aspeto nitong pagpapahintulot sa buong pagpasok. Ibig sabihin po ay wala nang restriksyon ‘yung pagpasok ng foreign banks at inaamyendahan po nito ‘yung datihang batas,” he noted.

The PCOO chief said leaders of the government and the financial sector believe that allowing the full entry of foreign banks can speed up the growth of the Philippine economy.

“Dahil ang mga bangko may mahalagang papel po sila diyan, ‘yung tinatawag na financial intermediation. Sa kanila dumadaloy ‘yung pananalapi para pondohan ang mga proyekto sa pangangalakal na makakatulong sa paglago ng ating ekonomiya,” he stressed.