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
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
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
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.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
The Australian Taxation Office released a draft ruling on the Goods and Services Tax treatment of bitcoin transactions on 20 August 2014.
DLA Piper’s ‘Life sciences: patent extension strategies and antitrust global update’ video covers global antitrust and competition issues including product hopping and reverse payment patents.
Analysis from The Lawyer
Regulators are ramping up the pressure in the aftermath of recession, leaving firms to compete for compliance and restructuring work
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.