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8 foreign banks seek to open offices in Philippines

Eight foreign banks, mostly based in Asia, are seeking to open offices in the Philippines, Reuters reported Oct. 13.

Chuchi Fonacier, deputy governor in charge of banking supervision at Bangko Sentral ng Pilipinas, declined to identify the banks but said they are in various stages of the application process. One publicly listed Malaysian bank is set to commence operations in 2017.

Foreign banks rushed to open offices in the Philippines after the country amended its banking laws three years ago. Japan's Sumitomo Mitsui Financial Group Inc., Singapore's United Overseas Bank Ltd., Taiwan's Chang Hwa Commercial Bank Ltd. and South Korea's Woori Bank and Industrial Bank of Korea have obtained licences to commence operations in the Philippines.