Section 27Sec./Art. 27

Applicability of Banking Laws and Regulations. - Existing banking laws and Bangko Sentral ng Pilipinas (BSP) rules add regulations shall apply to banks and financial institutions to be established in the ECOZONE and to other ECOZONE-registered enterprises. Among other pertinent regulations, these include those governing foreign exchange and other current account transactions (trade and non-trade) , local and foreign borrowings, foreign investments, establishment and operation of local and foreign banks, foreign currency deposit units, offshore banking units and other financial institutions under the supervision of the BSP .