Republic Acts1 min read
Section 6Sec./Art. 6
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Entrants under Section 2(iii). Foreign banks shall be allowed entry under Section 2(iii) within five (5) years from the effectivity of this Act. During this period, six (6) new foreign banks shall be allowed entry under Section 2(iii) upon the approval of the Monetary Board. An additional four (4) foreign banks may be allowed entry on recommendation of the Monetary Board, subject to compliance with Sections 2, 3, 4, and 5 of this Act, upon approval of the President as the national interest may require.
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