In her brief remarks during the inauguration rites, President Arroyo said the opening here of Metrobank’s 15th branch abroad was the product of her own diplomatic initiatives two years ago when she made an official visit in Beijing as then Vice President of the Philippines.
Mrs. Arroyo disclosed that she formally proposed to President Jiang Zemin during her courtesy call to him in Beijing to give a banking license to a Philippine bank to operate in China under the "Reciprocity Agreement" with the Philippines.
"He (Jiang) said ‘That’s not a bad idea.’ And he told me he would tell this to Prime Minister Zhu Rhongji who is in charge of such economic matters," President Arroyo said.
In her dinner meeting later that night with Zhu, Mrs. Arroyo recalled, the Chinese prime minister immediately informed that the Central Bank (CB) of China had approved it already.
"So I’m happy to join you now in this occasion inaugurating Metrobank’s branch operations here," President Arroyo said.
The President, assisted by Metrobank board chairman George S.K. Ty, vice chairman Placido Mapa Jr. and president Antonio Abacan, led the ceremonial unveiling of the Metrobank marker in rites held at the Marriott Hotel.
The Metrobank branch is located at 1203 Marine Tower in Pudong Ave. here in Shanghai, China’s busiest commercial and industrial province.
Former Bangko Sentral ng Pilipinas Gov. Gabriel Singson, now acting as presidential consultant for banking and foreign loans, told The STAR that it was through the diplomatic initiative of then Vice President Arroyo that finally paved the way for the opening of the first full banking services of a Philippine bank here.