Banko Sentral ng Pilipinas (BSP) official said that a European Bank showed interest in investing in the Philippines. The foreign bank is still deciding whether to open a branch or a liaison office in the country.
Chuchu Fonacier, Deputy Governor of the BSP, said that a representative of a European bank expressed their interest during the 2019 Annual Reception for the Banking Community on Jan 25. Fonacier said that she is not at liberty to publicly identify the European band that has showed interest to invest in the country.
The BSP approved 12 foreign banks to operate in the Philippines after President Benigno Simeon Aquino III signed the Republic Act 10641 which is an act that allows the full entry of foreign banks in the country in July 2014. The act had removed the limit in the frequency of foreign banks to operate in the country.
The banks that were allowed to do business in the nation included Taiwan's Hua Nan Commercial Bank Ltd., Cathay United Bank, Yuanta Bank, First Commercial Bank, and Chang Hwa Bank Commercial Bank Ltd.; Korea's Shinhan Bank, the Industrial Bank of Korea, and Woori Bank; Sumitomo Mitsui of Japan; United Overseas Bank Ltd. of Singapore, CIMB Bank of Malaysia, and Beijing-based Industrial and Commercial Bank of China (ICBC).
Philippines' central bank also allowed 13 foreign banks to establish representative or liaison offices in the country. Bank of Taiwan, the State Bank of India, Ogaki Kyoritsu Bank Ltd, Wells Fargo Bank, Korea Development Bank, Bank of Singapore Ltd., DBS Bank Ltd, Japan Bank for International Cooperation, Rothschild (Singapore) Ltd., The Bank of New York Mellon, Korea Eximbank, UBS AG, and Zurich-based Credit Suisse have representative offices in the Philippines.
European banks that have branches or offices in Manila included Deutsche Bank AG, ING Bank N.V., Standard Chartered Bank, the Hong Kong & Shanghai Banking Corp., BNP Paribas, Credit Suisse AG, and UBS AG.
On separate news, the BSP announced a new financial literacy program that will serve the overseas Filipino workers (OFWs). The new program is expected to encourage the OFWs to regularly save and invest in legitimate products.
The BSP, Overseas Workers Welfare Administration, and the BDO Foundation for the Pinansyal na Talino at Kaalaman (PiTaKa) campaign signed an agreement with the purpose of entailing the production and display of information videos and materials that discusses better management of remittances, how to get out of debt, and how to set aside savings.
