8 more foreign banks want to enter Philippines: Espenilla


Posted at May 26 2017 11:25 AM

Newly-appointed Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr. and Presidential Spokesperson Ernesto Abella pose for a photo at Malacañan Palace on Monday. Robinson Ninal, Malacanang Photo

MANILA - Eight foreign banks have shown "active interest" in entering the Philippines, in a potential boost to jobs and foreign direct investments, incoming Bangko Sentral ng Pilipinas Governor Nestor Espenilla said.

The eight lenders are from Asia and "there's a chance" that their entry could push through this year, either by setting up branches or partnering with local banks, he said.

"These banks will not go here because it’s fashionable to go here. They’re coming here because they see real opportunity. That’s a very strong signal in my view," Espenilla said in an interview with Bloomberg Television which aired on Friday.

Nine foreign banks have set up shop in the Philippines since then President Benigno Aquino signed a law allowing their full entry in 2014.

"Each bank that comes in brings P3 billion. These banks are supply chains and they are the ones that are investing and creating jobs," Espenilla said.

Espenilla will take over from Governor Amando Tetangco Jr., who will retire in July.