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Philippines, Thailand in banking talks

The Philippines and Thailand are proposing to engage in talks relating to banking operations in the two countries. The Philippines had earlier conducted similar talks with Malaysia. Bangko Sentral ng Pilipinas governor Amando Tetangco and Bank of Thailand governor Veerathai Santiprabhob signed a letter of intent to start bilateral discussions on the entry of their banks into each other’s jurisdictions. The talks were held in the backdrop of a meeting of regional finance ministers and central bankers on the central Philippine island of Cebu, is in line with the ASEAN Banking Integration Framework (ABIF). At present, Bangkok Bank is the lone Thai bank with a presence in the Philippines, while no Philippine bank has operations in Thailand. Earlier the Philippines’ central bank concluded talks with its Malaysian counterpart under the same regional banking framework. Negotiations covered the number of qualified banks to be allowed to operate reciprocally in one another’s jurisdictions, and the scope of banking services and number of branches involved.

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