The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, approved the application of Bank of Taiwan to open a representative office in the Philippines.
The approval brought the number of foreign banks operating in the country to 13 since the government liberalized the domestic banking industry in July 2014.
“The Monetary Board, in its Resolution No. 359 dated 1 March 20L8, granted authority to the Bank of Taiwan to open a representative office in the Philippines to be known as ‘Bank of Taiwan - Manila Representative Office’,” the board said in a circular.
Bank of Taiwan-Manila Representative Office was registered with the Securities and Exchange Commission on Sept. 18, 2018. It started its operations in the country on Jan. 31, 2019.
Bank of Taiwan was established as Taiwan’s central bank in 1899 during Japanese rule. The bank’s creation was authorized in 1897 by the Bank Act of Taiwan which encouraged Japanese enterprises, such as the Mitsubishi and Mitsui Groups, to invest in Taiwan.