Financial institutions from Korea, Indonesia, Malaysia, Taiwan, Singapore and Japan are interested to put up branches in the country and offer their full range of services, if and when the Philippine government decides to further liberalize the banking sector. Trade Undersecretary Ponciano C. Manalo Jr. disclosed that they have received expressions of interest from foreign banks, who all want to participate in the Philippine banking system.
The investment grade ratings that the Philippines received last year from credit rating agencies such as Moody’s, Fitch Ratings and Standard and Poor’s have also contributed to this. Most recently, a French credit body named the Philippines as among the most attractive emerging economies for investors.
The Compagnie Française d’Assurance pour le Commerce Extérieur (Coface) cited the Philippines as a country with high growth potential and the most favorable prospect of increasing production capacity in the years to come. The other emerging economies were Peru, Indonesia, Colombia and Sri Lanka, which replaced Brazil, Russia, India, China and South Africa.
Source: Philippine Daily Inquirer