Philippines to allow foreign banks to fully own local lenders

MANILA: Philippine President Benigno Aquino (pic) has signed into law a bill allowing foreign banks to take full control of local lenders, in line with the government’s push to strenghten the country’s capital and financial markets.

The act replaces a cap of 60% on foreign ownership of Philippine lenders and abolishes restrictions that have allowed only 10 foreign banks to have fullyowned operations in the country.