Bank of China Limited, Manila Branch and PDS Group Ink Agreements to Bring the RMB Currency to the Philippine Financial Market InfrastructurePosted on: October 21, 2013
Makati City, Philippines – The Bank of China Limited, Manila Branch (BOC-MNL) and the PDS Group jointly celebrated the execution of agreements on October 21 at the Makati Shangri-La Hotel that will activate the Domestic Renminbi (RMB) Transfer Service in the Philippines. Their strategic alliance was sealed on further projects to enable the trading of RMB in our domestic foreign exchange market, and later, the trading of RMB-denominated fixed income securities in the bond market.
The occasion was graced by the Ambassador of the People’s Republic of China to the Philippines Madame Ma Keqing, and Bangko Sentral ng Pilipinas Deputy Governor Diwa C. Guinigundo, who joined the festivities welcoming the new Transfer Service that would improve efficiency through real-time RMB transfers among participating Philippine banks, reduce friction costs for trade related payments, and extend service hours for RMB payments done within the Asian Region.
This partnership draws from BoC’s role in key activities in the Offshore and Onshore RMB Payment Systems and PDS Group’s experience in operating the domestic foreign currency transfer system for the Philippine financial market.
BoC Group’s Chief Operating Officer, Mr. Yang Shihua, stated, “In the face of the numerous business opportunities brought about by RMB internationalization, BoC would like to cooperate ever more closely to build an RMB market in the Philippines. At last, I wish a successful operation of the BoC-PDS RMB clearing system and a flourishing business of all the friends from the financial sector and industrial and commercial circles present here today,”
For his part, PDS Group CEO Cesar B. Crisol said in his keynote speech, “We are grateful to partner with BoC in bringing our initiatives to give robustness, resiliency and vigor to our financial market. Our collective drive and hard work has come to fruition. We look forward in implementing the next two phases for the development of Domestic RMB Service suite. For PDS Group, RMB is just the first of other foreign currencies to be added to the Domestic Transfer System. With these pursuits, PDS hopes to duplicate the same level of professional cooperation and spirit of partnership that it has experienced with BoC with other Cash Settlement Banks.”#