The Bangko Sentral ng Pilipinas (BSP) reported that the Chinese Renminbi or Chinese Yuan (CNY) transactions of Philippine banks are growing rapidly. The settlement bank for Renminbi banknotes trading in the Philippines posted remarkable expansion of CNY-denominated assets from just CNY0.5 million as of 31 December 2008 to CNY174.6 million as of 31 December 2009. Five local banks launched their renminbi deposit products in the last quarter of 2009, with one bank registering growth of more than ten times from November to December 2009. Other local banks also expressed interest to offer Renminbi-denominated products and services to their clients in the near future.
Renminbi business is expected to grow in 2010 even further as more banks become acquainted with the business opportunities in the Chinese currency. BSP Governor Amando M. Tetangco, Jr. also believes that growth will be largely driven by the Philippines' strengthening partnership with China in the areas of trade, tourism, education, agriculture and other economic sectors.
The Monetary Board approved the inclusion of Chinese renminbi in the list of currencies convertible with the Bangko Sentral ng Pilipinas as early as three years ago, in December 2006, the BSP said.