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3. Investment in IT;
4. Exploration of tie-ups;
There is huge room for improvement for foreign banks because they only comprise of 10%.
Slide 4: PH Banking system at a glance.
See RA 10574 (improving competition)
PH entering demographic sweet spot = correlated with improved economy.
Median working age of 23 y/o.
Ratio of 14:10000 in the PH. (banks to population) There is potential.
Would the integration make AML Act easier to implement or rather make it more difficult? Also,
how would JD be determined? Is there anything done address this issue?
(d tlga nasagot haha!)
Dictated by domestic regulations.
Compared to ASEAN we are more advanced.
At par SG or a little bit higher. But with others, so when they operate here they have to
abide by our laws. We can examine because we are equipped to ensure they comply with
AMLA.
We are in a better position.
Our AMLA laws are examined by WB, IMF, we are now off the black list. In fact, we are ahead
compared to our ASEAN neighbours.
But if our banks enter other countries, they are more equipped because they are presumed to
comply with out strict AMLA laws.