Philippine banks on the block

The Philippines banking industry is expecting an influx of foreign capital following an easing of ownership restrictions but the reality might not be so grand.

At a time when Malaysia is scrambling to form a megabank and Indonesia is throwing roadblocks in front of would-be buyers, including Singapore’s DBS, the Philippines has left the door wide open. 

“Definitely, there will be incremental investment. The government wants to be seen as open in the eyes of foreign investors,” Eugene Acevedo, senior executive vice-president for retail and corporate banking at Union Bank of the Philippines, the country’s 8th-largest bank by assets, told FinanceAsia.

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