eseoulpost
BusinessPhilippines
Investment bank exec eyes visible impact of ASEAN integration on PHL corporates by 2020
min  |  min
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
승인 2017.04.09  
트위터 페이스북 미투데이 요즘 네이버 구글 msn
   

MACTAN ISLAND, April 8 (PNA) -- The on-going economic integration in the Association of Southeast Asian Nations (ASEAN) is forecast to be widely felt in the Philippines by 2020 as more foreign businesses become more visible in the country.

BDO Capital & Investment Corp. (BDO Capital) President Eduardo V. Francisco said impact of the regional integration on local corporates was not yet substantial.

One of the areas set for integration is the banking system.

Republic Act (RA) 10641 or the Act Liberalizing the Entry and Scope of Operations of Foreign Banks in the Philippines was passed into law in Jully 2014. It liberalized the domestic banking industry and allowed foreign financial institutions to open branches here.

Since then, nine foreign banks have opened branches in the domestic market.

Francisco said that while there were new bank entrants in the country “penetration is still very low.“

“We’re preparing. We’ve been preparing for it but we have not seen yet a major movement going in and going out,” he said.

Asked when a substantial change may be seen, Francisco said “maybe in two or three years.”

He explained that because of the strong domestic expansion in the country, along with the high liquidity environment, more companies were making money.

He, however, cited that if these companies start to feel that opportunities are diminishing, they might decide to expand overseas.

He said the ASEAN economy was now among the largest in the world and opening it for the 10-member regional bloc means a bigger market for businesses from the member-countries.

While this is an opportunity for businesses it also presents a bigger challenge because of cheaper imports.

He said only around 1,000 or less of the about 700,000 registered companies in the Philippines had the capacity to compete in the ASEAN but pointed that that these entities remained small compared to other players from the region.

“Our companies could also go bankrupt if we are not prepared. So there is a plus and a minus. But if you are ready to compete against the best of the best then suddenly you have a bigger market. That’s the potential,” he added. (PNA)

< 저작권자 © eseoulpost 무단전재 및 재배포금지 >
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
트위터 페이스북 미투데이 요즘 네이버 구글 msn 뒤로가기 위로가기
이 기사에 대한 댓글 이야기 (0)
자동등록방지용 코드를 입력하세요!   
확인
- 200자까지 쓰실 수 있습니다. (현재 0 byte / 최대 400byte)
- 욕설등 인신공격성 글은 삭제 합니다. [운영원칙]
이 기사에 대한 댓글 이야기 (0)
Most Read
1
Sharjah Museums Authority, Institut Francais in UAE celebrate 40 years of UAE-French archaeological cooperation
2
Marawi liberation proves gov’t working to make PH safe: DOT
3
Two Koreas' diplomats to attend Russian forum this week
4
DOT ‘Bring Home a Friend to the PH’ now accepting entries
5
PHL Tourism Sec. Teo revives BHAF to increase inbound tourist traffic
6
UAE to participate in 122nd Autumn Canton Fair 2017
7
UAE / Healthcare
8
Biggest non-OPEC oil producers look to Abu Dhabi for new business
9
NMC, SGMB discuss joint media cooperation
10
8.6 million passengers, 21,000 aircraft passed through Sharjah International Airport in 9 months
Photo News Green Biz
Global platform for smart & sustainable cities officially  launched in Seoul
Global platform for smart & sustai...
min
Global platform for smart & sustainable cities to be launched by World Green Economy Organisation (WGEO) in Seoul on May 23
Global platform for smart & sustai...
min
50 successfully rehabilitated sea turtles released for Endangered Species Day
50 successfully rehabilitated sea ...
min
UAE is well placed to take lead in renewable energy storage
UAE is well placed to take lead in...
min
Bee’ah’s campaign for ‘Recycling Just Got Easier’ sparks community action
Bee’ah’s campaign for ‘Recycling J...
min
Photo News Sports
Emirates becomes official partner of 2018 Ryder Cup
Emirates becomes official partner ...
min
DOT in talks for staging of Pacquiao-Horn rematch in PH
DOT in talks for staging of Pacqui...
min
Mohammed bin Rashid attends endurance race in Euston Park, UK
Mohammed bin Rashid attends endura...
min
Cebu to host Ironman 70.3 Asia-Pacific C’ship anew   in 2018
Cebu to host Ironman 70.3 Asia-Pac...
min
PyeongChang Olympics wins new strongest ally -- the president
PyeongChang Olympics wins new stro...
min
Official mascot of FIFA Club World Cup UAE 2017 unveiled
Official mascot of FIFA Club World...
min
Official FIFA Club World Cup UAE 2017 mascot to be unveiled Tuesday
Official FIFA Club World Cup UAE 2...
min
Badminton tournament opens for multicultural families
Badminton tournament opens for mul...
min
Photo News World
Emirates becomes official partner of 2018 Ryder Cup
Emirates becomes official partner ...
min
DOT in talks for staging of Pacquiao-Horn rematch in PH
DOT in talks for staging of Pacqui...
min
Mohammed bin Rashid attends endurance race in Euston Park, UK
Mohammed bin Rashid attends endura...
min
Cebu to host Ironman 70.3 Asia-Pacific C’ship anew   in 2018
Cebu to host Ironman 70.3 Asia-Pac...
min
PyeongChang Olympics wins new strongest ally -- the president
PyeongChang Olympics wins new stro...
min
Official mascot of FIFA Club World Cup UAE 2017 unveiled
Official mascot of FIFA Club World...
min
Official FIFA Club World Cup UAE 2017 mascot to be unveiled Tuesday
Official FIFA Club World Cup UAE 2...
min
Badminton tournament opens for multicultural families
Badminton tournament opens for mul...
min
Photo News Opinion
Moon reiterates call for bipartisan efforts to deal with security issues
Moon reiterates call for bipartisa...
min
Moon says promulgation of Korean alphabet connects with spirit of democracy
Moon says promulgation of Korean a...
min
Unification minister urges N. Korea to allow family reunions
Unification minister urges N. Kore...
min
Korea celebrates National Foundation Day on October 3 in ceremonies nationwide
Korea celebrates National Foundati...
min
S. Korea's exports soar 35 pct in Sept. reach all-time high
S. Korea's exports soar 35 pct in ...
min
S. Korean president meets former POWs marking Armed Forces Day
S. Korean president meets former P...
min
Moon calls for increased deterrence against N. Korean nuclear provocations
Moon calls for increased deterrenc...
min
Moon urges bipartisan efforts to overcome N. Korean nuclear threat, ensure growth
Moon urges bipartisan efforts to o...
min
Newspaper AboutNews ReportAdvertiseComplaintsPrivacy PolicyJuvenile protectionRejection of E-mail Collection
Gangnam-gu, Teheran 52 street in Tehran Bldg, 616(Yeoksam-dong)  |  Main Phone: 02) 563-0604  |  Fax: 02) 538-5665
Chairman : jeong-woo Lee  |  Advisor : byung-il Min  |  Publisher: jae-mo Kah  |  Editors: il-hong Kim
Registration Number 1928 Seoul ah  |  eseoulpost.com / eseoulpost.net / Global Korea.,Ltd
Copyright © 2011 eseoulpost. All rights reserved. mail to jaemokah@daum.com , kih10kr@empas.com/ www.globalkorea.info
arabafrica.net / UAE Interract / Emirtes News Agency(WAM)/ http://wam.org.ae / www.uaeinteract.com