PHILIPPINES

Entry of More Foreign Banks May Be Allowed: President Fidel Ramos has indicated that the government may expand beyond 10 the number of banks that will be granted new licenses, bankers said. “There is political will to widen the door some more,” said Sarzi Magnaye, vice president of Philippine National Bank. The Philippine Congress passed into law in May a bank liberalization bill that allows 10 additional foreign banks to set up wholly owned branches. Currently only four foreign banks operate full-service branches. Twenty-three foreign banks have submitted applications for the 10 licenses.