Bangko Sentral Governor Rafael Buenaventura announced today that the Monetary Board of the Bangko Sentral ng Pilipinas, in its resolution no. 11 dated January 11, 2001, approved the request of Citibank, N.A. (Phils.) To convert its end-1999 branch earnings of P2.08 billion into permanently assigned capital.
Citibank’s decision not to funnel out but instead retain the dollars in Philippine coffers is an indication of its strong confidence in the strength of the Philippine financial system. The Governor added that the decision of Citibank manifests its unwavering commitment to provide support to the Philippine economy.
Citibank’s presence in the Philippines started on July 14, 1902, signifying almost 99 years of service to the Filipino people. It is one of the four pioneer foreign banks in the country that has attained considerable growth despite the slow down in the economy in the past years.