Liberalizing Foreign Banks in PH

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Republic Act No. 7721: Liberalizing Foreign Banks in PH

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Title Supreme Court: Liberalizing Foreign Banks in PH

Law: Republic Act No. 7721

Decision Date: May 18, 1994

The Republic Act No. 7721 allows foreign banks to enter and operate in the Philippine banking system, promoting economic growth and providing a wider range of financial services, while ensuring that domestic banks majority-owned by Filipinos hold at least 70% of the banking system's resources.

foreign banks

entry

operations

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