BNM, Bangko Sentral ng Pilipinas Sign Conclusion Of Negotiations

KUALA LUMPUR, April 6 (Bernama) -- Bank Negara Malaysia (BNM) and Bangko Sentral ng Pilipinas Thursday signed a declaration of conclusion of negotiations under the ASEAN Banking Integration Framework (ABIF). In a statement, BNM said the negotiations covered the number of Qualified ASEAN Banks (QABs) to operate in each other's countries, form of presence and operational flexibilities in the scope of banking activities, branches and other forms of delivery channels. "With the conclusion of the negotiations, both BNM and Bangko Sentral ng Pilipinas look forward to the presence of each other's QABs to facilitate regional cross-border trade and investment," it said. The declaration was signed by BNM Governor Muhammad Ibrahim and Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr on the sidelines of the third ASEAN Finance Ministers' and Governors' Meeting in Mactan, Cebu Island, the Philippines. -- BERNAMA