Metrobank launches CNY products, services in RP

MANILA, Philippines - The Metropolitan Bank and Trust Company (Metrobank) is set to launch Chinese yuan (CNY) denominated products and services in the Philippines. CNY is also commonly known as renminbi, the currency used by the People’s Republic of China.

Metrobank’s range of CNY denominated offerings will include a CNY interest-bearing passbook savings account, and CNY time deposit to clients in the Philippines. Customers will also be able to buy/sell CNY against the dollar or peso, subject to BSP Circular 645 covering the sale of foreign exchange.

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

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.

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.

Metrobank will be the first local bank to offer a line of CNY denominated offerings, which will be piloted in nine branches in Metro Manila on Sept. 28.

Metrobank is the country’s premier universal bank. The bank has an extensive consolidated network that spans over 1,150 automated teller machines (ATMs) nationwide, over 720 local branches, and 35 foreign branches, subsidiaries and representative offices. For inquiries, please contact Metrobank 24/7 Customer Hotline at 860-3000, or log on to www.metrobank.com.ph. For provincial areas, call toll-free 1-800-10-860-3000.