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Earliest Filipino Banks
Transcript of Earliest Filipino Banks
The opening of the Suez Canal in 1869 greatly increased Philippine trade. Produces in the country acquired more merchants in Europe for their products. Such economic opportunities stimulated further agricultural development. Banco-Español-Filipino played a very vital role. It financed crops for exports and established correspondent’s relations in Spain and France to assist the European trade.
Monte De Piedad Y Caja de Ahorros de Manila (now Monte de Piedad and savings bank), the first savings bank, was established in 1882 by Father Felix Huertas, who obtained some of the unused funds of the old Obras Pias.
The need for rural credit
In answer to the credit needs of the small farmers, the first Agricultural Bank of the Philippines government was founded in 1906. In 1916 the assets and liabilities of said bank were transferred to the newly- organized Philippine National Bank. It was then called the big bank of the small people.
During the American period (1900-1941) more banks were established and bank supervision was introduced. In 1900, the first Philippine Commission placed all banks under the Burean of Treasury. The Insular Treasurer was authorized to supervision of banks. Said Bureau was under the Department Finance and was headed by the Bank Commissioner.
In 1873, the chartered bank of India, Australia and China established its branch in Manila. Two years later, Hong Kong and Shanghai bank also organized its branch. The two foreign banks open their branches in Ilo-ilo some years later to finance the developing sugar industry.
Earliest Filipino Banks
The first Filipino bank was founded by Francisco Rodriguez in 1830. It was named Rodriguez bank.
Later on other Filipino banks were established, notably the Garrido bank and Tuazon bank.
In 1851, the first government bank was
established by governor Antonio de Urbiztondo. It was called Banco Español- Filipino de Isabela II. This is now the bank of the Philippine Islands.