Republic Acts1 min read
Section 1Sec./Art. 1
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Section 2 of Republic Act No. 7721 is hereby amended to read as follows:
"SEC. 2. Modes of Entry. The Monetary Board may authorize foreign banks to operate in the Philippine banking system through any one of the following" modes of entry: (i) by acquiring, purchasing or owning up to one hundred percent (100%) of the voting stock of an existing bank; (ii) by investing in up to one hundred percent (100%) of the voting stockof a new banking subsidiary incorporated under the laws of the Philippines; or (iii) by establishing branches with full banking authority."
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