THE PHILIPPINES

Foreign Exchange Rules Pondered: The Philippines is considering easing foreign exchange and banking regulations to complement more liberal foreign investment rules, according to the nation’s central bank governor. Jose Cuisia said in an interview with Reuters last week that the central bank is reviewing foreign exchange regulations and rules on the repatriation of capital. He said he wanted to see a step-by-step relaxation of foreign exchange restrictions, and expected more foreign banks would be allowed to operate in the Philippines. He said the tightly controlled Philippine peso could also eventually be allowed to float more freely.