Analysis of the ASEAN Banking Integration Framework: The Philippines as a looking glass for consumer preference

ASEAN, a region currently undergoing an ambitious integration initiative proposed a unified regional banking system thru the Qualified ASEAN Banks. This brings forth an array of competitive banking alternatives who are now capable of entering new economies within the ASEAN region. Would a local bank...

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Bibliographic Details
Published in:Journal of global entrepreneurship research 2017, Vol.7 (24), p.1-16, Article 24
Main Authors: De Jesus, Francis Lawrence B, Torres, Enrico Aurelio
Format: Article
Language:English
Subjects:
ASEAN
Banking
Banking industry
Business and Management
Emerging Markets/Globalization
Enterprise Architecture
Entrepreneurship
Innovation/Technology Management
Integration
International banking
Management
Philippines
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Summary:ASEAN, a region currently undergoing an ambitious integration initiative proposed a unified regional banking system thru the Qualified ASEAN Banks. This brings forth an array of competitive banking alternatives who are now capable of entering new economies within the ASEAN region. Would a local banking customer choose to adhere to the offers of these cross border alternatives or would they stick to their local homegrown banks? With banks from different members of the ASEAN Region as subjects and the local population of the Philippines as respondents, the study yielded the following results; Upon the full implementation of the ASEAN Banking Integration Framework up to 58.25% of the local market would diversify their savings resources between local banks and qualified ASEAN Banks, 77.50% would prioritize Qualified ASEAN Banks for their loans and financing requirements. This brings forth an important contemplation on how local and ASEAN banks should prepare for the full effects of this integration initiative.
ISSN:2251-7316
2228-7566
2251-7316
DOI:10.1186/s40497-017-0082-2