Important legal and regulatory developments in the PhilippinesOBGplus
As ASEAN starts its economic integration in 2015, there have been certain important developments in the legal and regulatory framework of the Philippines. As elucidated below, the changes of recent years have significant implications in the area of banking and finance, mergers and acquisitions, and data privacy. LIBERALISED ENTRY OF FOREIGN BANKS: Perhaps the most significant legal development in the banking sector is the passage of Republic Act No. 10641, which allows full entry of qualified foreign banks into the Philippines. Prior to this law, a foreign bank could enter the Philippine banking system by (1) acquiring up to 60% of the…
