Moving forward, we are confident that our banks can hold their own when ASEAN Banking Integration takes place by 2020, as part of the wider implementation of the ASEAN Economic Community (AEC) by the end of 2015. In preparation for this, a new law was passed last year - Republic Act No. 10641 – allowing 100% foreign ownership of banks in the Philippines.
We believe this will encourage healthy competition that will benefit Filipino consumers in terms of having broader and better choices of bank products and services. It will also bring in more foreign investments into the Philippine economy. We hope that these favorable business conditions in the Philippines will prove attractive for increased investments from Guamanians to partner with us in exploiting such opportunities.