Foreign banks may act as FDI vehicle – BSP

The new law liberalizing foreign ownership of local banks is expected to attract more foreign direct investment into the Philippines and raise the quality of banking practices in the country, the central bank said.

On Friday, the Monetary Board issued the implementing rules and regulations (IRR) of Republic Act (RA) 10641, or the Act Allowing the Full Entry of Foreign Banks in the Philippines, signed in July 2014 to replace the old RA 7721.