Metrobank addresses Philippine demand for Yuan products

Metrobank became the first Philippine bank to offer Chinese Yuan denominated offerings which was piloted in Metro Manila last 28 September.

Metropolitan Bank and Trust Company's range of Chinese Yuan or CNY denominated offerings include a CNY interest-bearing passbook savings account, and CNY time deposit to clients in the Philippines. This allows customers to buy/sell CNY against US Dollar or Philippine Peso, subject to Banko Sentral ng Pilipinas Circular 645 covering the sale of FX.

The launch is in response to the growing demand for CNY in the domestic market, driven by the Philippines' strengthening partnership with China.

CNY denominated products and services in the Philippines will provide greater ease to exporters and help facilitate more fluid business transactions with China. In addition, the CNY functions as a strong reserve, anchored on the Chinese government’s efforts to strengthen the currency, in pursuit of global economic recovery.

To date, the Philippines remains one of China's major exporters of food products such as fruits and seafood, as well as other products including IT merchandises and electronic devices. China, on the other hand, is reported to be the biggest exporter to the Philippines, supplying up to 21 percent of various goods. Aside from trade, China continues to provide meaningful support to the Philippines' development agenda on agri-business, tourism, infrastructure, mining, telecommunications, education, and other sectors.