RA 7721

Foreign banks now allowed full entry in the Philippines

On July 18, 2014, President Benigno Aquino III signed into law Republic Act 10641, allowing more participation of foreign banks in the Philippine banking industry.

RA 10641 (“An Act Allowing the Full Entry of Foreign Banks in the Philippines”) amends the 20-year old Republic Act 7721 (“An Act Liberalizing the Entry and Scope of Operations of Foreign Banks in the Philippines”) to effectively liberalize further the domestic banking sector.

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