On 9 June 2014, the Senate approved Bill no. 2159 'Liberalizing the Entry and Scope of Operations of Foreign Banks in the Philippines', allowing local banks to be fully owned by foreigners. It also grants local subsidiaries of foreign banks the same rights and duties as domestic banks of the same type. Previously, since 1994, foreign ownership had been allowed to a maximum of 60%, apart from up to 10 exceptions for full ownership.
Since a counterpart bill was passed in Congress (the lower house of parliament) earlier, a bicameral conference committee will need to reconcile the two bills before the regulation can be signed into law. This is expected to be a formality.