MANILA, Philippines - The Bank of the Philippine Islands (BPI) welcomes the Year of the Metal Tiger with a new Chinese yuan savings account. Yuan product line-up includes an interest-earning passbook savings account and time deposit offerings. It is available in select BPI branches for clients in the Philippines.
BPI’s yuan savings account aims to address the need to safe keep yuan denomination as the Philippine-China economic partnership continues to grow in the domestic market. China has given meaningful support to the Philippines, not just in trade but also in the recent years, in agri-business, mining, infrastructure, tourism, electronics and many others.
Offering Chinese yuan will also enable BPI to further strengthen its foreign currency offerings to clients. Commonly known as renminbi in the People’s Republic of China (PRC), yuan is the 8th currency available in BPI.
Other currency deposit products available are US dollar, Japanese yen, euros, British pounds, Australian dollars, Canadian dollars, and Swiss francs. Foreign currency deposits are available in over 50 BPI branches nationwide.
In a recent disclosure to the Philippine Stock Exchange (PSE), the commercial bank of the Ayala Group of Companies, declared that its unaudited net income for 2009 increased by 33 percent to P8.5 billion from the P6.4 billion in the previous year.
BPI recognized that this success was driven by the continued support from its clients combined with it's innovative endeavors such as the Bank Anywhere facility, new product launches and strategic partnerships.