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  • General Banking Act (RA 7653) : First Mode

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    Meagan Manibo
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    The General Banking Act (RA 7653) outlines three modes for foreign bank entry into the Philippines. The first mode allows up to 10 new foreign banks to establish branches over five years, with each permitted up to 6 branches. The second mode, under RA 7721, permits an unlimited number of foreign banks to enter by setting up locally incorporated subsidiaries that can be up to 60% foreign-owned. The third mode allows an unlimited number of foreign banks to purchase up to 60% ownership of domestic banks.

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    The General Banking Act (RA 7653) outlines three modes for foreign bank entry into the Philippines. The first mode allows up to 10 new foreign banks to establish branches over five years, with each permitted up to 6 branches. The second mode, under RA 7721, permits an unlimited number of foreign banks to enter by setting up locally incorporated subsidiaries that can be up to 60% foreign-owned. The third mode allows an unlimited number of foreign banks to purchase up to 60% ownership of domestic banks.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    15 views3 pages

    General Banking Act (RA 7653) : First Mode

    Uploaded by

    Meagan Manibo
    The General Banking Act (RA 7653) outlines three modes for foreign bank entry into the Philippines. The first mode allows up to 10 new foreign banks to establish branches over five years, with each permitted up to 6 branches. The second mode, under RA 7721, permits an unlimited number of foreign banks to enter by setting up locally incorporated subsidiaries that can be up to 60% foreign-owned. The third mode allows an unlimited number of foreign banks to purchase up to 60% ownership of domestic banks.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 3

    General Banking Act ( RA 7653)

    first mode

    up to 10 new foreign banks will be


    permitted to establish branches during the
    next five years and each of the entrants
    will be able to establish up to 6 fully-
    owned branches in the provinces
    General Banking Act ( RA 7653)

    second mode

    under RA 7721 permits an unrestricted


    number of foreign banks to enter the
    country by setting up locally incorporated
    subsidiaries, up to 60% of which may be
    foreign - owned.
    General Banking Act ( RA 7653)

    third mode

    allows an unlimited number of foreign


    banks to buy up to 60% ownership of
    domestic banks

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