Philippine Ambassador Gina A. Jamoralin with the delegates from BSP, ADB, KADIN Indonesia, and Philippine Embassy in Jakarta during the KADIN luncheon.

(17-19 September 2024, Jakarta) - The Bangko Sentral ng Pilipinas (BSP), in cooperation with the Asian Development Bank (ADB), successfully conducted its inaugural Islamic Finance Roadshow in Jakarta on 17 to 19 September 2024.

The objective of the roadshow was to pitch the Philippine Islamic banking and finance to relevant stakeholders and investors in Indonesia, while promoting opportunities arising from the passage of the 2019 Islamic Banking Law (Republic Act No. 11439) that seeks to regulate and organize Islamic Banks in the Philippines.  This effectively opens the country’s market for foreign players in Islamic banking, especially in BARMM.

Islamic finance is aimed at being developed in the Philippines to serve as an additional vehicle for savings, infrastructure, financing, portfolio diversification, and promotion of financial inclusion. With a business model that is Shariah compliant that is open for both Muslim and non-Muslim clients, Islamic banking is in the position to partner with various stakeholders in microfinancing, retail, investment, etc.

The BSP delegation was led by Assistant Governor, Atty. Arifa A. Ala, and joined by Deputy Director, Atty. Noel P. Tianela, Atty. Normina M. Datudacula, and Anna Lisa B. Atienza.

They were accompanied by ADB’s Office of the General Counsel, Senior Legal Officer Atty. Maria Cecilia T. Sicangco, with Senior Legal Operations Assistant Theingi Soe, Administrative Assistant Aileen Gonzaga, and Islamic Finance Advisory & Assurance Services (IFAAS) Chief Executive Officer Mohammad Farrukh Raza serving as Financial Consultant for ADB.

Among the activities of the BSP and ADB delegation in Jakarta were meetings with Indonesian Parliament Representative Marinus Gea of Banten III District, Bank Syariah Indonesia (BSI), Association of Indonesian Islamic Banks, Bank Indonesia, Indonesian Financial Services Authority (OJK), and the Indonesian Chamber of Commerce (KADIN).

There was immense interest among the different parties met by BSP and ADB to explore and invest in the Islamic banking and finance sector of the Philippines.

During the luncheon event with KADIN on 19 September, Philippine Ambassador to Indonesia Gina A. Jamoralin emphasized the possibility of 100% foreign ownership of companies in the Philippines through the CREATE Act, offering tax incentives to foreign investors. “With the growing market in BARMM, and the Philippines’ focus on development through the BIMP-EAGA region, foreign investors have lots of opportunities to enter the Philippine market,” Ambassador Jamoralin added. END

 Ambassador Gina A. Jamoralin (middle) exchanges tokens of appreciation with Mr. Bernardino Vega of KADIN Indonesia (2nd from left). They were joined by KADIN Philippine Committee Representative Johannes Muliawan (leftmost), Consul General Gonaranao B. Musor (2nd from right), and BSP Assistant Governor Arifa A. Ala.

Philippine Ambassador Gina A. Jamoralin delivers her remarks during the KADIN luncheon.

BSP and ADB officials after the meeting with Bank Indonesia.

BSP and ADB officials meet with Bank Syariah Indonesia (BSI).

Philippine Ambassador Gina A. Jamoralin received a courtesy call from the delegation of BSP and ADB at the chancery.