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Manila set to lift foreign ownership limits on finance firms

( June 23, 2016, 03:49 GMT | Insight) -- A bill lifting foreign ownership restrictions on finance sector firms has been passed by both Philippine houses of congress and is now awaiting the president’s signature, BusinessWorld reports. A bill lifting foreign ownership restrictions on finance sector firms has been passed by both Philippine houses of congress and is now awaiting the president’s signature, BusinessWorld reports. If President Benigno S.C. Aquino III signs House Bill No. 6395 into law, regulations imposing citizenship requirements will be scrapped, paving the way for 100 percent foreign ownership of lending institutions, financing companies and investment houses currently on the Foreign Investment Negative List. ...

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