BSP backs bill allowing entry of more Islamic banks in PHL

The house of Representatives has started discussing a proposal to allow other Islamic banks to operate in the Philippines, in an attempt to put it at the same level as commercial banks. The House committee on banks and financial intermediaries yesterday took up a proposal amending the charter of the Al-Amanah Islamic Investment Bank, which is currently the only Islamic bank in the country. House Bill 5989 seeks to amend Republic Act 6848 by breaking the monopoly of Al-Amanah bank, which would give the green light for the Bangko Sentral ng Pilipinas (BSP) to authorize new entities to come in. The Al-Amanah bank remains a fully owned subsidiary of the Development Bank of the Philippines.