South Korean banks eye PH operations

By Louella D. Desiderio, The Philippine Star

Posted at May 05 2014 09:18 AM | Updated as of May 05 2014 05:18 PM

MANILA, Philippines - Banks from South Korea are interested in setting up operations in the country, the Department of Trade and Industry (DTI) said.

Trade undersecretary Ponciano Manalo Jr. told reporters that during his recent trip to South Korea, he met with financial institutions which would like to participate in our country’s banking system.

In particular, he said South Korean banks want to be able to “fully operate” in the country.

He said banks from other economies such as Japan, Indonesia, Malaysia, Singapore and Taiwan have also expressed similar interest.

The banks are keen on setting up operations in the country given the country’s economic growth story and overall improvement in the investment climate.

The country is also seen as a gateway to the Association of Southeast Asian Nations (Asean), which has a population of 600 million.