Philippines lifts foreign equity ownership restrictions in its banking industry

By Joseph Tato, Paul P Chen and Paolo Cesar S Boado

Philippines president Benigno Aquino III has signed into law Republic Act 10641 (RA 10641), ‘An Act Allowing the Full Entry of Foreign Banks in the Philippines’. 

Under the new law, signed on 15 July 2014, non-Philippines banks are permitted to: (i) own up to 100 per cent of the voting equity of existing Philippines banks; (ii) establish fully owned banking subsidiaries in the Philippines; or (iii) establish branches in the Philippines with full banking authority. 

Previously, non-Philippines banks could only own up to 60 per cent of the voting equity of existing Philippines banks or of banking subsidiaries incorporated in the Philippines…

Click on the link below to read the rest of the DLA Piper briefing. 

Sign in or Register to continue reading this article

Sign in

Register

It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer

 

Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.

 

Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.

 

Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from DLA Piper

View more briefings from DLA Piper

Analysis from The Lawyer

View more analysis from The Lawyer

Overview

3 Noble Street
London
EC2V 7EE
UK
http://www.dlapiper.com

Turnover (£m): 1,566.29
No. of lawyers: 3,961 (UK 200)
Jurisdiction: global
No. of offices: more than 75
No. of qualified lawyers: 625 (International 50)

Jobs