Bangko Sentral ng Pilipinas (File photo / Philippine Daily Inquirer)
More foreign banks are eyeing to establish presence in the Philippines, including representative offices, because of the sound and stable banking system here, Bangko Sentral ng Pilipinas Governor Nestor A. Espenilla Jr. said.
Eight Asian banks have expressed interest in putting up operations in the country, although they have yet to submit documentary requirements to be considered as officially applying for entry, Espenilla told reporters.
Some foreign banks and financial institutions, which included non-Asians, meanwhile, have submitted documents to apply for representative offices.
“Representative offices are mainly focused on marketing. They are also important because representative offices are also useful in drawing in investments into the country,” Espenilla said.
BUSINESS
BUSINESS
BUSINESS
The BSP chief said foreign lenders usually first test the domestic market through their representative offices.
“It’s a light presence because it’s for marketing only. But if they see a really good market demand, it may progress into a branch application,” he said.
