SUMMARY
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The Philippines will now see the full entry of foreign banks after President Benigno Aquino III signed into law Republic Act 10641. The new law allows foreigners to own up to 100% of domestic banks and to facilitate the entry of established, reputable and financially sound foreign banks into the country. The passage comes ahead of the 2015 ASEAN regional economic integration, and is hoped to give an edge to the Philippine banking and finance industries.
Read the full story on Rappler.
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