Seeing the need for stricter regulation on the banking industry in the country, R.A No. 10611 was passed to meet this end.

Under the new law, a higher standard mandate has been imposed on foreign banks as requisites for their entry to the banking industry in the Philippines to wit:

• (a) by acquiring, purchasing or owning up to one hundred percent (100%) of the voting stock of an existing bank;
• (b) by investing in up to one hundred percent (100%) of the voting stock of a new banking subsidiary incorporated under the laws of the Philippines; or
• (c) by establishing branches with full banking authority.

Under the old law, what was needed was only 60% voting stock.

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DOJ Department Circular No. 032: Validity of Foreign Passport

The Department of Justice has issued a Department Circular No. 032 dated June 30 2015 that provides guideline on the passport validity of Foreign Nationals.

Under this Department Circular, foreign nationals may stay here in the Philippines for more than thirty days (30) without Philippine visa provided the following requirements have been complied by the Foreign National:

• (a) the foreign embassy or consulate located in the Philippines are authorized to renew or extend the validity of their passport;
• (b) there exists no other ground to deny entry into the Philippines under existing laws, rules and regulations.