President Benigno S. Aquino III signed into law Republic Act 10641, an Act Allowing the Full Entry of Foreign Banks in the Philippines.
According to Presidential Communications Operations Office (PCOO) Secretary Herminio Coloma Jr., it will be more convenient for foreign investors if banks they are using are available in the country.
“Sila po ‘yung nananawagan na kung pwedeng pahintulutan na magbukas din dito mismo ‘yung mga bangkong ginagamit nila sa kanilang negosyo. Kaya ito po ay isang aspeto nitong pagpapahintulot sa buong pagpasok. Ibig sabihin po ay wala nang restriksyon ‘yung pagpasok ng foreign banks at inaamyendahan po nito ‘yung datihang batas,” Coloma explained. This law is seen to boost country’s economic growth.
Aquino also signed last Friday, July 18 into law R.A. 10643 or An Act to Effectively Instill Health Consciousness through Graphic Health Warnings on Tobacco Products. This law will require cigarette manufacturers to display in the lower half of cigarette packs graphics of the negative effects of smoking.
Three RAs were also signed into law: Republic Act 10640: An Act to Further Strengthen the Anti-Drug Campaign of the Government, Amending Section 21 of R.A. 9165, otherwise known as the Comprehensive Dangerous Drugs Act of 2002, R.A. 10642: An Act Strengthening Consumer Protection in the Purchase of Brand New Motor Vehicles, R.A. 10644: An Act Promoting Job Generation and Inclusive Growth Through the Development of Micro, Small, and Medium Enterprises.