On 21st November Philippine time, Industrial and Commercial Bank of China (ICBC) Manila Branch was officially commenced for business in Manila, Philippines. The opening of the Branch enables ICBC to extend its business network to cover the 9 countries of ASEAN, thus enhancing the Bank’s business coverage in Southeast Asia and along the Belt and Road. Present at the opening ceremony were Mr. Alfonso G. Cusi, Secretary of Department of Energy of the Philippines, Ms. Maria Laarni Lopez Cayetano, Taguig City Mayor, Mr. Restituto C. Cruz, Assistant Governor of Bangko Sentral ng Pilipina, Mr. Ramon Cualoping III, Assistant Secretary of Presidential Communications Operations Office of the Philippines, Mr. George Barcelon, Chairman of the Philippine Chamber of Commerce and Industry, and Mr. Yi Huiman, Chairman of the Board of Directors of ICBC. On the previous day, ICBC Manila Branch’s Certificate of Authorization to Operate was granted by Bangko Sentral ng Pilipina, the central bank of the Philippines.  

Mr. Yi Huiman, Chairman of ICBC, said at the opening ceremony that growing China-Philippines cooperation is bearing more and more fruits. China is now the Philippines’ biggest trading partner. ICBC is committed to providing excellent services to facilitate China-Philippines economic and trade cooperation. ICBC Manila Branch will be an active participant and provider of financial services in the Philippines’ financial market, and will take deep root in the local market. The Branch will work to provide more convenient and efficient financial services to Philippine and Chinese enterprises, thus strengthening economic and social development in the Philippines. The Branch will strictly conform to local laws and regulations, enhance risk management, improve internal control and strive to become a respectable foreign bank that is well recognized by regulators, clients and the public.

Alfonso G. Cusi, Secretary of Department of Energy of the Philippines, welcomed the opening of ICBC Manila Branch in the Philippines. He pointed out that with rapid development of Philippines-China bilateral trade, more and more Chinese companies have invested in the Philippines recently. He also pointed out that the Philippines’ needs for banking services have increased continuously with the development of the local economy, and he hoped that ICBC Manila Branch can provide better service and support to the growing economy of the Philippines. Maria Laarni Lopez Cayetano, Mayor of Taguig City where ICBC Manila Branch is based, said in her speech that she was certain that ICBC’s presence will actually bring a lot of sustainable benefits to the government, businesses and citizens of the city of Taguig. Restituto C. Cruz, Assistant Governor of Bangko Sentral ng Pilipina, said that the establishment of ICBC Manila Branch is undoubtedly another step taken to strengthen and further deepen economic ties between the Philippines and China, and the opening of the Branch will further boost economic relationship between the two countries. Ramon Cualoping III, Assistant Secretary of Presidential Communications Operations Office of the Philippines, said that the entry of China’s largest bank in the Philippines was a sign of robust economic and financial relationship between the two countries. George Barcelon, Chairman of the Philippine Chamber of Commerce and Industry, also believed that the opening of the ICBC Manila Branch would bring good opportunities for Philippine industry and commerce, and contribute to the development of the local economy and SMEs.

In recent years, ICBC takes the initiative to adapt to its customers’ diversified needs in financial services and shape its global network by keeping up with China’s overseas trade and investment, which leads to significant improvement in its capability to serve globally. Up to now, ICBC has 426 overseas institutions in 47 countries and regions all over the world, and indirectly extends its presence in 20 African countries by holding shares of the Standard Bank of South Africa. The Bank is now one of the Chinese financial institutions that boast an extensive overseas coverage.