MANILA - Financial regulators in the country on Friday signed a deal focused on streamlining mergers, consolidation and acquisition (MCA) among banks, the Bangko Sentral ng Pilipinas said.

The agreement "aims to harmonize" and synchronize the process by cutting the list of requirements for MCA proposals of banks in half to 30 from 58, the BSP said in a statement.

This will also "significantly" reduce the total processing time of MCA proposals to 55 days from an average of 160 business days, it added.

The Memorandum of Agreement on the Procedures for Applications for Mergers, Consolidations, and Acquisition of Banks defines responsibilities of each regulator on the simplified requirements and streamlined procedures in processing MCA applications, the BSP said.

The central bank said it signed a multi-agency agreement with the Philippine Deposit Insurance Corporation, Securities and Exchange Commission, Cooperative Development Authority and the Philippine Competition Commission.

The deal is a "first of its kind" among financial regulators, the statement said. It is also in line with the country's ease of doing business efforts.

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