The BSP had signed such a high-level agreement with Bank Negara Malaysia governing qualified Asean banks (QAB) in accordance with the Asean Banking Integration Framework (ABIF). ABIF is designed to realize the vision of “One Asean Community” with qualified banks as vehicles for maximizing the vast trade and investment potential in the region. Qualified banks are well-managed banks headquartered in the region and majority owned by Asean nationals. Tetangco did not specify at the BAIPHIL event which Asean economies were being considered by the BSP for new agreements. The same is true for external trade, another potential growth area for the Philippines, Tetangco added.

Source: Manila Times March 21, 2017 17:15 UTC