Philippines banking sector liberalisation continues


The Monetary Board of the Central Bank of the Philippines on Monday awarded seven banks the right to open a total of 162 branches in zones previously deemed "restricted".

The approval was part of the next phase of a bank-branching liberalisation project, that was laid out under central bank circular number 728 earlier this year, in an attempt to end the monopoly of government banks.

The circular granted banks that meet certain requirements the right to apply for branches in restricted zones. The

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