WORLD TRADE GATS/EL/70/Suppl.2
26February 1998
ORGANIZATION(98-0695)
Trade inServices
PHILIPPINES
ListofArticle II(MFN) Exemptions
Supplement 2
(This isauthentic inEnglish only)
____________________
Thistextreplaces theFinancial Services section contained inGATS/EL/70/Suppl.1.
./.GATS/EL/70/Suppl.2
Page2PHILIPPINES
LIST OFARTICLE II(MFN) EXEMPTIONS
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Description ofmeasure indicating its
inconsistency with Article IICountries towhich the
measure appliesIntended duration Conditions creating
theneed forthe
exemption
Commercial banking Authorization forfinancial service suppliers of
another Member toestablish commercial
presence incommercial banking shall besubject
toareciprocity test.Allcountries Indefinite Toensure Philippines
financial service
suppliers areaccorded
fullmarket access and
national treatment in
thefinancial service
market ofanother
member.
Investment Houses Inapproving foreign equity applications in
Investment Houses, theappropriate regulatory
authority shall approve such applications onlyif
thesame orsimilar rights areenjoyed by
Philippine nationals intheapplicant 'scountry.Allcountries Indefinite Toensure Philippines
financial service
suppliers areaccorded
fullmarket access and
national treatment in
thefinancial service
market ofanother
member.