Rural bankers thank PNoy for foreign equity law
July 23, 2013 4:01pm
Sound economic policies of the Aquino administration will result in a
significant amount of foreign investments in the long run, a group of
rural bankers said Tuesday, a day after President Benigno Aquino III
delivered his fourth State of the Nation Address (SONA).
In a statement, the Rural Bankers Association of the Philippines (RBAP)
thanked Aquino for enacting the foreign equity law, which gives
non-Filipino investors opportunity to own, acquire or purchase up to 60
percent of voting stocks in rural banks.
"As these happen, a favorable economic environment in the countryside
can be made as foreign investors now have the option to infuse
additional capital to rural banks especially now that we have the
Foreign Equity Law in place," said Vittorio Almario, the newly elected
RBAP president.
Enacted in May, Republic Act 10574 or "An Act Allowing the Infusion of
Foreign Equity in the Capital of Rural Banks, Amending RA 7353,
Otherwise Known as the Rural Bank Act of 1992 as amended and For Other
Purposes," lifted the limit on bank ownership that has been a hindrance
for the expansion of operations of rural banks for more than two decades.
Under the law, non-Filipino investors are now allowed to own, acquire or
purchase up to 60 percent of voting stocks in rural banks, provided that
the percentage of foreign-owned stocks will be determined by the
citizenship of the individual or corporate stockholders of the bank.
"We are grateful for the able leadership of President Aquino for being
supportive to the rural development through enactment of such laws. RBAP
will remain one with its goal of fostering inclusive economic growth
particularly in the countryside," Almario said.
With the country consistently receiving positive ratings and economic
outlooks from international financial institutions such as the World
Bank, Moody's Investor Service, and Fitch Ratings, Almario considered it
a "good signal" to attract more foreign investors as these reflect a
stable economy. — KBK, GMA News
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