The Bangko Sentral ng Pilipinas (BSP) on Friday said it is signing a letter of intent (LOI) with the central bank of Indonesia, Otoritas Jasa Keuangan (OJK), an initial step to allow qualified commercial banks to operate in each other’s markets.

“The BSP welcomes the signing of a Letter of Intent with OJK of Indonesia. This will be done in Jakarta this weekend,” BSP Governor Amando Tetangco Jr. said in a text message to reporters, after the OJK of Indonesia announced in a statement that the signing will happen on June 4.

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