Transacting Business in the Philippines.
Section 72
SEC. 72. Transacting Business in the Philippines. – The entry of foreign -banks in the Philippines through the establishment of branches shall be governed by the provisions of the Foreign Banks Liberalization Act. (RA 7721). The conduct of offshore banking business in the Philippines shall be governed by the provisions of the Presidential Decree No. 1034, otherwise know as the "Offshore Banking System Decree." (14a)