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Philippines inks deal with Thailand, Malaysia under regional banking framework

The Philippine central bank has concluded an agreement with Bank Negara Malaysia under the ASEAN Banking Integration Framework and entered into a bilateral agreement with the Bank of Thailand as the three nations move to secure ties with each other.

Bangko Sentral ng Pilipinas and Bank Negara Malaysia signed a declaration of conclusion of negotiation under the banking integration framework. The negotiations cover the number of qualified ASEAN banks that can operate in each other's countries, among other things.

The conclusion paves way for qualified banks to facilitate regional cross-border trade and agreement between the two countries.

Meanwhile, the BSP and the Bank of Thailand signed a letter of intent to enter into a bilateral agreement under the ASEAN Banking Integration Framework on April 6.

The ASEAN banking accord allows for banks to expand more easily in the region and is part of a greater regional initiative to create a single economic bloc for ASEAN countries.