In the Philippines, the Bank of China has a full commercial banking license and has been in operation since 2002. The Manila Branch’s mission is to be the bridge between Chinese and Philippine trade and investments through corporate banking, personal banking, and financial markets services, facilitating Chinese investments in key sectors of the fast-growing Philippine economy, investing in a Renminbi (RMB) transfer system to encourage the settlement of payments in RMB.
In 2020, the Philippines ranked first in the RMB growth rate in Southeast Asia. In support of a growing local renminbi (RMB) market, the Bank of China has been officially established as the RMB Clearing Bank of the Philippines. This comes following the initial memorandum of understanding signed by the People’s Bank of China and the Bangko Sentral ng Pilipinas in 2019.
As the designated clearing bank for RMB business in the Philippines, the Bank of China Manila can process the settlement of accounts and other core RMB services such as remittance, foreign exchange, liquidity support, and banknotes for the local participating banks. It can also provide local market participants with access to mainland China’s CNY onshore rates as an alternative to the more accessible CNH rate.
CNY is the RMB rate that can only be traded on-shore (in mainland China) or through Clearing Banks appointed by the PBOC internationally. By making it easier to trade with counterparties in mainland China, the Bank of China Manila can help improve the economic and trade partners to promote development between the Philippines and China.
Being the mainland Chinese bank in the country, Bank of China provides matchmaking services to Philippine corporates and Chinese suppliers, which are clients of the Bank in its over 11,000 branches in China. We have brought our clients from China to invest in the Philippines and to partner with local firms as contractors and as providers of advanced technology.
Moving forward, the Bank of China aims to fulfill its Vision of “Serving Society, Delivering Excellence” by facilitating more Chinese investments in important sectors of the Philippine economy. Bank of China continues to work closely with both Philippine and Chinese corporations and SMEs to establish strong partnerships and make trade and investment between the two nations faster, more efficient, and cheaper through the use of the RMB as a settlement currency, for the inclusive growth of the country.
Talk to us
Telephone Number
(+632) 8297-7888
Option 1: Customer Service
Fax Number
(+632) 8885-0548
Office Address
28/F The Finance Centre, 26th Street corner 9th Avenue, Bonifacio Global City, Taguig City, Philippines
Email Address
[email protected]