THE Bangko Sentral ng Pilipinas (BSP) will be working on a possible bilateral agreement with the Singapore central bank that would allow qualified banks to operate subsidiaries in each other’s markets.

“We have not started yet with Singapore but it might happen soon... Maybe over the next few months... We have to touch base with the MAS,” central bank Governor Amando Tetangco Jr. said, referring to the Monetary Authority of Singapore.