Since the full liberalization of the banking sector in 2014 through Republic Act No. 10641, the entry of ten (10) foreign banks has been approved by the BSP. We expect – and we want – more players to come in and serve the growing financial needs of our robustly growing economy.
I would go further by saying that as Muslims (again I am not a scholar here) there can never be any harm to share a halal product. The reverse may not be permissible. Our objective at the Central Bank is to offer an alternate mode of finance to local stakeholders and also to enlarge our offerings in the offshore financial domain.