ANNOUNCEMENT 08 Jun 2013
In June 2013, the government of Philippines announced changed rules for foreign investors.NUMBER OF INTERVENTIONS
1
SOURCE
Republic Act No. 10574
http://www.gov.ph/2013/05/24/republic-act-no-10574/
As of 8 June 2013, foreign individuals or entities are allowed to own up to 60 per cent of the equity of a rural banks in the country. Previously, foreign banks, but not foreign individuals or entities, were entitled to possess equity in rural banks.
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