Malaysia's midshore hub offers transparent yet flexible structures to facilitate expansion and growth
Manila, 30 June 2016 ― Labuan International Business and Financial Centre (Labuan IBFC) encourages businesses in the Philippines to use the jurisdiction to facilitate expected increase in trade and investments following the 'Qualified ASEAN Banks' (QABs) bilateral agreements inked between the Philippines and Malaysia.
The agreement allows banks in both countries to operate in either country, through a mutual recognition to boost trade and investment between the two nations.
"Under the agreement, business entities looking to expand overseas will greatly benefit as the QABs can provide financial support for this expansion," said Labuan IBFC Inc Sdn Bhd CEO Danial Mah Abdullah at his opening remarks of Labuan IBFC ASEAN Roadshow 2016 in Manila.
Danial added that the bilateral trade relationship between the countries has always been strong and dynamic and it is a testament to the commitment of both countries to strengthen the intra-regional trade and investment.
Malaysia and the Philippines were the first among the ASEAN members to initiate such bilateral pacts as part of the efforts to improve market access and operational flexibilities.
"This will certainly spur businesses in the Philippines to expand overseas and this is where Labuan IBFC can play an effective facilitative role in increasing cross-border trade and investments ," he added.
"We believe Labuan IBFC's unique solutions ― as the gateway to Asia and a midshore international business and financial centre ― make the jurisdiction a natural choice for business enterprises in the Philippines.
"By offering a regional 'home' to businesses across the region, Labuan IBFC's role as key facilitator of trade within the region is reinforced," Danial said.
Transparency remains a top priority for Labuan IBFC
The current issue relating to the so-called Panama Papers has heightened the demands for greater transparency and effective exchange of information across all international financial centres.
Considering that Labuan IBFC has a long term strategic outlook to facilitate legitimate investors to expand their businesses in the region, the laws and regulations have been purposely enacted to ensure the centre operates in a sound, prudent and transparent manner so that the business is sustainable for the years ahead.
"We welcome this development as business activities in Labuan IBFC have always been...