Without going into the details of the theoretical exposition, I can safely say that cooperation emerges when it either reduces the cost and / or increases the benefits to the prospective members by undertaking an activity of common interest.
In 2014, we endorsed Republic Act 10641 that allows the full entry of Foreign Banks in the Philippines and prepared the IRR for its implementation. With the approval of the IRR, additional foreign banks can now apply to operate in the Philippines either as a branch or as a wholly-owned subsidiary.