Updated March 20, 2019
Offshore Banking Units (OBUs) are branches, subsidiaries, or affiliates of foreign banks authorized to do offshore banking in the Philippines.
They do foreign-currency banking transactions primarily with foreign banks, non-residents, other OBUs and corporate and institutional clients.
They can lend to resident importers and exporters as long as the funds are remitted from abroad through the banking system.
They can open peso deposit accounts with domestic banks but only for meeting administrative and
operating expenses and for paying the local beneficiaries or recipients of non-resident-company remittances coursed through the OBUs’ correspondent banks abroad.
There are only two Offshore Banking Units (OBUs) in the Philippines, as of March 20, 2019.
1. BNP Paribas
2. Taiwan Cooperative Bank
1
BNP Paribas
30th Floor, Philamlife Tower
8767 Paseo de Roxas Avenue
Makati City 1226
No. of Offices: 1
Website: bnpparibas.com.ph
According to its website, BNP Paribas offers:
. export finance
. loan syndication
. bond underwriting
. project finance
. aviation finance
. correspondent banking
. global trade banking
. interest rate, foreign currency and commodity hedging and derivatives
2
Taiwan Cooperative Bank
26th Floor, Citibank Tower
8741 Paseo de Roxas Avenue
Makati City
No. of Offices: 1
Phone: 848-1949
Website: tcb-bank.com.tw/tcb/servicesloc/manila en.mht
Updated March 16, 2018
J.P. Morgan International Finance, Ltd. has stopped its operations as an offshore banking unit in the Philippines. The BSP noted the cessation of operations on February 22, 2018.
Former office address:
30th Floor, Zuellig Building
Makati Avenue corner Paseo de Roxas
Makati City 1225
No. of Offices: 1
Phone: 885-7925
List of Foreign Banks in the Philippines
Representative Offices in the Philippines
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