MANILA – Converting peso to yuan is now faster and more efficient following the memorandum of understanding signed by the Bangko Sentral ng Pilipinas and over a dozen banks.
Interviewed on Dobol B sa News TV on Thursday, BSP Deputy Governor Diwa Guinigundo said the MOU resulted in the creation of the Philippine Renminbi Trading Community (PRTC).
With PRTC in place, Guinigundo said those with renmindi, or yuan, can directly convert the currency to peso through the 13 banks, including the Bank of China, that were party to the MOU.
“Dun sa mga negosyante o kaya turista na galing halimbawa sa Tsina, meron silang renminbi. Para sila ay makagastos dito sa Pilipinas yan ay puwede nila ipalit doon sa 13 bangko kasama na ang Bank of China, na nagkasaundo upang itayo yung tinatawag nating PRTC. Ito yung Philippine RMB Trading Community,” he said.
The PRTC, he said, establishes a “spot trading market” for peso and renminbi.
“Derecho na ang palitan between renminbi and peso. Kasi in the past ang renminbi dadaan muna sa dolyar, pagkatapos dolyar dadaan sa piso. Natatalo yung mga nagpapalit to the extent of about 3 percent,” Guinigundo said.
The central bank governor said the new platform will primarily benefit businesses in China that import to the Philippines as well as Filipino businesses that export to China.
“Kapag meron ng pamamaraan para mapalitan yung renminbi papunta sa peso, mas mabilis ang palitan. Nakakatipid di lang mga turista o mga indibidwal, lalung-lalo na yung mga negosyante,” he said. (GMA News/PN)
