Taiwanese bank opens Manila branch

The Bangko Sentral ng Pililipinas (BSP) welcomed the opening of the Manila branch of First Commercial Bank of Taiwan as it expects the entry of more foreign banks in the Philippines.

“The Philippines welcomes strong and well managed banks for local financial consumers... This is an auspicious time to establish your presence in the Philippines. This economy has been growing consecutively for 71 quarters uninterrupted. It is now the fastest growing in Asia,” BSP Governor Amando Tetangco Jr. said.

In his welcome speech, Tetangco said FCB has a built-in market in the Philippines, with over 100,000 Filipino workers in Taiwan who remit more than $100 million annually.

Tetangco said the opening of FCB’s Manila branch should further boost the economic relationship between the Philippines and Taiwan.

For his part, FCB chairman Tsai ChingNain said expanding in the Philippines is a significant milestone in the company’s overseas expansion. FCB has also established its presence in Singapore, Brunei, Cambodia, Laos, Myanmar and Vietnam.

Gary Song-Huann Lin, representative of the Taipei Economic and Cultural Office in the Philippines, said it is an opportune time to open in the Philippines.

“This is the right time to open Manila branch. It is only natural for our First Commercial Bank to open a Manila branch at this right time because we are very important trading partners to each other,” he said.

He also said the bank could assist Taiwanese investors and many of the small and medium enterprises and other investors.

Aside from FCB, Tetangco expects at least six more foreign banks to set up branches in the Philippines, two years after the passage of a law that allowed the full entry of foreign banks in the country.

Former president Benigno Aquino III signed into law Republic Act 10641 in July 2014 allowing the full entry of foreign banks that could account for a maximum of 40 percent of the banking industry’s assets.

The BSP has approved the entry of nine banks since the passage of the law. Aside from FCB, other foreign banks given the green light to establish their presence in the Philippines include Sumitomo Mitsui of Japan, Shinhan Bank of South Korea, Cathay United Bank of Taiwan, Industrial Bank of Korea, Yuanta Bank of Taiwan, United Overseas Bank Ltd. of Singapore, Seoul- based Woori Bank, and Hua Nan Commercial Bank Ltd. of Taiwan.

FIRST COMMERCIAL OPENS MANILA BRANCH: In photo are (from left) First Commercial Bank Manila branch general manager Chen Hua-Ming, managing director Lee HsienFeng, commissioner of Overseas Community Affairs Council R.O.C /Taiwan Seimo Huang,BSP Governor Amando Tetangco Jr., FCB chairman Tsai Ching-Nain, TECO Philippines representative Gary Song-Huann Lin, FCB managing director Chen Tien-Yuan, and standing supervisor Chiu Ming-Yuan at the grand Philippine launch at The Peninsula Manila, Makati City.