Foreign banks’ entry to boost PH banking

The local banking sector is poised to become more dynamic and competitive with the entry of six foreign financial institutions last  year, the Bangko Sentral ng Pilipinas (BSP) chief said.

“The entry of new foreign banks under our liberalized regime should further enhance the quality of competition among our banks and nurture innovations that will ultimately benefit the public, “ central bank Governor Amando Tetangco Jr. said during a reception for the banking community on Tuesday.