Republic Acts1 min read
Section 5Sec./Art. 5
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Section 8 of Republic Act No. 7721 is hereby amended to read as follows:
"SEC. 8. Equal Treatment. Foreign banks authorized to operate under Section 2 of this Act, shall perform the same functions, enjoy the same privileges, and be subject to the same limitations imposed upon a Philippine bank of the same category. The single borrowers limit of a foreign bank branch shall be aligned with that of a domestic bank.
"The foreign banks shall guarantee the observance of the rights of their employees under the Constitution.
"Any right, privilege or incentive granted to foreign banks or their subsidiaries or affiliates under this Act, shall be equally enjoyed by and extended under the same conditions to Philippine banks."
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