MANILA, Philippines — Filipino banks and the local branch of Bank of China sealed on Tuesday an agreement that will pave the way for the creation of a peso-renminbi conversion platform in a bid to reduce the cost of doing business between the Philippines and China. The PRTC will be under the direct supervision of the Bangko Sentral ng Pilipinas and will serve as the precursor leading to the launching of the peso-renminbi foreign exchange spot market. Dominguez also said the PRTC will later open its doors to new members seeking to take part in the trading platform in the future. “We take this major step forward in the economic partnership between the Philippines and China. But despite Duterte's warm relations with China, the Philippines has a long history of mistrust of it as the two countries continue to spar over the resource-rich waters.

Source: Philippine Star October 30, 2018 13:41 UTC