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The Metropolitan Bank and Trust Co. (Metrobank) will be offering a first the Philippine banking industry. Metrobank will roll out a pioneering line of Chinese yuan-denominated products and services in the Philippines as it bid to capture a bigger share of the banking business arising from the economic boom in China.

The bank will be the first in the country to offer a line of CNY-denominated offerings, which would be piloted in nine Metro Manila branches starting September 28. CNY, commonly known as renminbi, is the currency used by the People’s Republic of China.

The range of CNY-denominated products that Metrobank will be offering include a CNY interest-bearing passbook savings account and a CNY time deposit for clients in the Philippines. Bank clients will also be able to buy or sell CNY against the US dollar or Philippine peso, subject to the Bangko Sentral ng Pilipinas (BSP) circular on foreign exchange.

In a statement released by the bank, it says, “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.”

On the part of China, it is reported to be the biggest exporter to the Philippines, supplying up to 21 percent of various goods.

China also continues to provide meaningful support to the Philippines’ development agenda on agri-business, tourism infrastructure, mining, telecommunications, education and other sectors, the bank said.

“CNY-denominated products and services in the Philippines will provide greater ease to exporters and help facilitate more fluid business transactions with China,” Metrobank said. “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.”