Republic Acts1 min read
Section 10Sec./Art. 10
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Transitory Provisions.- Foreign banks operating through branches in the Philippines upon the effectivity of this Act, shall be eligible for the privilege of establishing up to six (6) additional branches under the same terms and conditions required by Section 4(ii) hereof:Provided, That for any branch additional to what is existing at the time of the effectivity of this Act, the prescribed permanently assigned capital shall be complied with immediately:Provided, further,That a foreign bank may open three (3) branches in the location of its choice and the next three (3) branches in locations designated by the Monetary Board to insure balanced economic development in all the regions.
The existing Philippine branches of foreign banks shall be given one-and-a-half (1 1/2) years from the effectivity of this Act to comply with the minimum capital requirements as prescribed under Section 4(ii) of this Act.
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