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Jakarta Post

Indonesia banks expected to enter Philippines next year

  • Prima Wirayani

    The Jakarta Post

Jakarta   /   Mon, June 5 2017   /  12:13 am
New partnership: Financial Services Authority (OJK) chairman Muliaman Hadad (right) shakes hands with Bangko Sentral ng Pilipinas Governor Amando M. Tetangco after signing a letter of intent in Jakarta on Sunday. (JP/Wendra Ajistyatama)(OJK) chairman Muliaman Hadad (right) shakes hands with Bangko Sentral ng Pilipinas Governor Amando M. Tetangco after signing a letter of intent in Jakarta on Sunday. (JP/Wendra Ajistyatama)

New partnership: Financial Services Authority (OJK) chairman Muliaman Hadad (right) shakes hands with Bangko Sentral ng Pilipinas Governor Amando M. Tetangco after signing a letter of intent in Jakarta on Sunday. (JP/Wendra Ajistyatama)A newly discussed bilateral agreement between Indonesia and the Philippines is expected to pave the way for local banks to set up a presence in the neighboring country as soon as next year. The Financial Services Authority (OJK) started Sunday’s negotiations with the Philippine central bank Banko Sentral ng Pilipinas (BSP) on the bilateral agreement that will promote the expansion of banks from both countries in a reciprocal manner. Indonesia hopes to conclude the talks by the end of this year as it aims to seize the momentum of an expanding relationship with the Philippines, particularly between North Sulawesi and bordering areas in the southern part...