BSP welcomes full entry of foreign banks, BAP wary

The central bank welcomed the signing of a law allowing the full entry of foreign banks into the country because it would generate increased investments, but a group of private banks raised concern that the amended law could ease out smaller domestic players unable to survive the competition.

President Benigno Aquino 3rd signed Republic Act (RA) 10641, or “An Act Allowing the Full Entry of Foreign Banks in the Philippines, Amending for the Purpose RA 7721” into law on July 18.