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2003 Report on the Implementation of Republic Act No. 7721: (An Act Liberalizing the Entry and Scope of Operations of Foreign Banks in the Philippines and for Other Purposes)

06.01.2004

The Bangko Sentral ng Pilipinas (BSP) recently submitted to the Congress and the Senate the tenth Annual Report on the Implementation of Republic Act No. 7721 (An Act Liberalizing the Entry and Scope of Operations of Foreign Banks in the Philippines and for Other Purposes).  One of the highlights of the report is a survey on foreign banks’ implementation of the policy objectives embodied in the Act.  Under Section 1 of R.A. No. 7721, foreign banks are encouraged to:

  • Attract foreign investments and serve as channels for the flow of funds and investments into the economy to promote industrialization
  • Provide a wider variety of financial services to Philippine enterprises, households and individuals
  • Encourage, promote and maintain a stable, competitive, efficient and dynamic banking and financial system
  • Contribute to the alleviation of unemployment in the country
  • Strengthen linkages with global financial centers

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