What it does: The Bank of China (BOC) Manila provides corporate banking, financial markets, personal banking, and RMB services.
Best known for: being the regional unit of the BOC, one of the four biggest commercial banks in China
Staff stats: approximately 200 employees in the Philippines
Financials: Php44.23 billion in assets as of 2020
The good bits: BOC Manila offers a competitive compensation package for entry-level jobs. For instance, associate employees may earn up to Php21,000 per month.
The not-so-good bits: While BOC Manila welcomes fresh grads, the bank prefers to hire experienced individuals for entry-level roles.
BOC established its presence in the Philippines in 2002 after acquiring a full commercial banking license. Since then, BOC Manila has become a significant link for trade and investments between China and the Philippines.
The bank maintains this important role through its core business of commercial banking services. BOC Manila also engages in financial markets services and Renminbi (RMB) transfer system investments.
In 2020, the bank became the official RMB Clearing Bank of the Philippines following an agreement between the People’s Bank of China and the Bangko Sentral ng Pilipinas.
Insiders describe BOC Manila’s workplace culture as one that promotes synergy and unity among employees.
Other people also shared that their internships were a worthwhile experience. The bank makes sure that interns are fully prepared before taking on mainstream work.
In terms of work-life balance, most employees work during the normal banking hours from Monday to Friday.
Young new hires may not have to worry about heavy workloads until they become relationship managers. Insiders said that the job can be burdensome in terms of responsibilities and work schedule.
Fresh grads should already know that by working in the banking industry, a professional dress code is a must.
BOC Manila’s local and foreign competitors include Bank of America, Bank of Tokyo-Mitsubishi UFJ, BDO Unibank, Bank of the Philippine Islands, and China Bank.
In 2020, the Bank of China settled a money-laundering case with French tax officials by agreeing to pay €3.9 million. The case involved the Chinese bank’s alleged transfer of €40 million across 168 accounts from 2012 to 2014.
BOC Manila’s corporate social responsibility projects focus on community development, the environment, and volunteerism. In 2018, employees volunteered at the Munting Pamayanan Gawad Kalinga Village in Quezon City.
The company also planted 1,000 seedlings in Siniloan, Laguna, in 2019. Employees once again gave back to the community in 2020 by donating new toys for Project PEARLS’ beneficiaries.
Fresh grads with stellar academic marks, industry certification, and in-demand skills may find it easier to join BOC Manila. While the bank typically looks for experienced professionals, this shouldn’t discourage recent graduates.
Once they successfully land a job, it’ll be worth the wait because of the company’s above-average compensation and healthy work-life balance.
Fresh grads should accomplish the BOC Applicant Information Sheet to apply for the latest career opportunities. They should send the form with their CV to [email protected].
Important: The e-mail subject should be written as ‘Application for [Position], Last Name’.
BOC Manila takes 20 days on average to process applications. Fresh grads should expect up to five recruitment stages:
The bank may shorten the hiring process based on the role (eg internships). Previous applicants said that the interview questions focused on their background, CVs, and skills.
The average annual salary at BOC Manila may reach up to Php964,000. The actual amount for fresh grads and entry-level roles tends to be lower but not below-average numbers.
For example, associate-level employees earn an average monthly salary ranging from Php19,000 and Php21,000. Relationship managers may earn between Php58,000 and Php150,000 per month.
The company provides employees with loan assistance, medical coverage, and miscellaneous allowance. BOC Manila may offer more attractive perks, as insiders said that the bank offers competitive compensation packages.
BOC Manila prefers to hire experienced professionals for entry-level roles. For instance, a typical ‘Operations Associate for Operations’ has at least one year of experience.
Fresh grads can still pursue a career in the company as an operations associate, despite lacking industry experience. Tech graduates can also join as junior software engineers and IT operations specialists.
Fluency in a foreign language (eg Fookien) opens a wider path for career progression at BOC Manila. It’s one of the necessary skills to become a relationship manager.
Not all roles, however, require employees to be fluent in another language. Once fresh grads gain at least two years of experience, they can become business control officers or product/sales managers.