Pandemic halts foreign bank applications – BSP – Manila Bulletin
Published January 25, 2021, 6:00 AM The COVID-19 pandemic has put on hold foreign banks’ plan to establish local units or branches in the Philippines. “As of now, no application to establish foreign bank is received by the FSS (Financial Supervision Sector),” according to Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier, who heads the FSS. Before the global pandemic was declared in March last year, there were at least three foreign banks based in Hong Kong, South Korea and Indonesia that were in the preparation stage to set up local branches here. Since 2014, when Re...
Source: mb.com.ph
