Philippines grants first permits to exchanges
Through the Financial Zone, three foreign companies received authorization to operate for one year in the nation
The Philippines announced on Wednesday the temporary granting of three licenses so that three exchanges can operate without problems in the nation.
This was announced by the authorities of the Financial Area of Cagayan (CEZA), who believe that “these companies are committed to bringing investment and development to the region, each contributing a minimum of one million dollars in benefit of the progress of the country.”
Two of the companies come from Hong Kong and another from Thailand. The conditions dictated by the authorities oblige the firms to contribute a capital to benefit the territorial growth of the nation, especially for the Santa Ana area in Cagayán.
It should be noted that the licenses will have a period of one year. At the time of reapplying for renewal again, “they will have to pay a commission of 100 thousand dollars, then they have to enter the controls of probity, the following is the integration to the programming of applications (API), which has an additional cost of 100 thousand,” said a representative of CEZA.
K. Tovar
Source: Manilastandard
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