Philippines, Bank of China launch Domestic Renminbi Transfer Service

Service will integrate with the renminbi global payment system.

The Philippine Dealing System Group and Bank of China, one of China’s Big Four state-owned banks, are establishing the infrastructure for a renminbi transfer service in the Philippines. Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo said the service will provide bank members and their clients with a facility to execute real-time payments in and transfers of renminbi to domestic and international counterparties.

"Considering the magnitude and importance of the country’s transactions with China, it is only appropriate that we have a safe and efficient payment and transfer service for renminbi,” Guinigundo said. There are 11 banks offering renminbi-denominated products and services such as deposits, remittances, and trade settlement.

Renminbi-denominated deposit liabilities stood at US$90 million as of December 2012. From 2009 to 2012, renminbi deposits rose from 0.05% to 0.22% of the Philippine banking industry's deposit liabilities, and accounted for 0.22% to 1.04% of the total foreign exchange deposit liabilities.