Foreigners can now own up to 60pct of PH rural banks
ABS-CBNnews.com
Posted at 05/29/2013 5:52 PM
MANILA -- Foreign firms or individuals can now own as much as 60 percent
of any rural bank in the country, following President Benigno C. Aquino
III's signing of an amendment to the Rural Bank Act of 1992 into law.
In a statement, Deputy Presidential Spokesperson Abigail Valte said
Republic Act No. 10574 was signed into law on May 24 amending the
foreign ownership rules for rural banks in the country.
"Non-Filipino citizens may own, acquire or purchase up to sixty percent
(60%) of the voting stocks in a rural bank. The percentage of
foreign-owned voting stocks shall be determined by the citizenship of
the individual or corporate stockholders of the rural bank," the
amendment read.
Previously, rural banks were mandated to be fully owned by Filipinos or
Filipino-controlled banks, firms, associations and cooperatives under RA
7353 or the Rural Bank Act of 1992.
The Bangko Sentral ng Pilipinas will be coming up with an implementing
rules and regulations for the new law which is expected to be published
within 90 days of RA 10574's publication.
RA 10574 takes effect 15 days after its publication in two newspapers of
general circulation.
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