Philippines becomes top ASEAN destination for Taiwan banks

Focus Taiwan
Date: 2018/04/03
By: Tsai Yi-chu and Frances Huang 

Taipei, April 3 (CNA) The Philippines has become the top destination for Taiwanese banks planning to extend their reach in the Association of Southeast Asian Nations (ASEAN) market, according to a research paper released Tuesday by the Taiwan Academy of Banking and Finance (TABF).

In the research paper, the TABF, a research group under the Financial Supervisory Commission (FSC), said the Philippines, bolstered by its fast-growing economy, has replaced Vietnam for the first time to become the top destination in the ASEAN bloc for local banks seeking to set up branches or representative offices.

Vietnam had been the most-favored ASEAN market for Taiwanese banks in recent years.
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