First Commercial Bank Co. Ltd. (First Commercial Bank) on Monday launched its first Manila branch to provide service to Taiwanese businessmen in the country and to help local micro, small and medium enterprises (MSMEs).
“The establishment of our Manila branch is truly a significant milestone for our overseas extension,” First Commercial Bank Chairman Tsai Ching-Nain said.
The bank’s capital as of November 2016 grew to $2.7 billion. It has over 7,452 employees, 19 overseas branches, seven sub-branches, two representative offices, one United States subsidiary and 190 branches in Taiwan.
According to Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr., the establishment of a First Commercial Bank branch in the country is a step toward realizing the objectives of Republic Act (RA) 10641, or an act allowing the full entry of foreign banks, in terms of encouraging greater foreign participation in the country’s banking sector.
“The realization of the objectives of RA 10641, particularly encouraging greater foreign participation in the Philippine banking system, under this historic legislation the Philippines welcome strong and well-managed banks from foreign jurisdictions to provide financial services to local financial consumers,” Tetangco said.
“This allows for a more competitive environment leading to better services and pricing for clients. This is an auspicious time to establish your presence in the Philippines, the Philippine banking system creates a significant role in creating a robust growth of our economy,” he added.
Tetangco said First Commercial Bank is interested in assisting foreign investors to start operations in the Philippines and help in financing infrastructure development projects.
He said the bank is Taiwan’s largest small and medium-sized enterprises (SMEs) lender and is interested to provide SME financing in the Philippines.
“We welcome this initiative as gaining access to credit by our SMEs remains a challenge. There are untapped opportunities for consumer finance and financial inclusion to the Philippine market, which is vibrant and upwardly mobile.
The opening of this Manila branch should further boost the economic relationship between the Philippines and Taiwan,” he added.
Image credits: Alysa Salen