PBB now renminbi-enabled

MANILA, Philippines - The Philippine Business Bank (PBB) has entered into an agreement with Bank of China, Manila branch, and starts participating in the Renminbi Transfer System. PBB is the financial arm of the Yao Group of Companies. That means PBB would start offering a basket of renminbi products to the Philippine market, from savings account, time deposit, loan, remittance and trade financing. This is in addition to the bank’s current offerings of deposit products, consumer loans, corporate credit facilities, treasury, trust, cash management services and emerging markets banking products. PBB president and chief executive officer Rolando R. Avante  said that the bank’s clients can tap the benefits presented by the continued internationalization of renminbi and the liberalization of China’s RMB Cross Border Trade Settlement Scheme. Currently, PBB has 121 branches nationwide.