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Philippine Financial System
Transcript of Philippine Financial System
January 2, 1942-Arrival of the Japanese Imperial Forces in Manila.
January 3, 1942-Japanese Military Govt. called for the resumption of the banking business.
1942-Southern Development Bank(Nampo Kaihatsu Kindo)
Philippine Financial System.
The Spanish Period
1594-(Obras Pias) the first organized institution in the Philippines and began to operate this year.
1851-First Important bank in the country the"Banco Espanol-Filipino de Isabel II".
1854-Banco Espanol-Filipino granted the favor of note issue by royale decree on October 17, 1854.
1869-The greatly expanded Filipino-European trade.
1873-When the British capital began to be attracted towards the Island.
1875-Another british owned a bank this the Hong-Kong Shanghai banking Corp.
1901-American Bank Operated
1902-Wai Hung Bank, Abreu, Newberry found.
1904-1906-First provincial banks, Bank of Pangasinan
1904-1908-Bank of Zamboanga
1906-The s.Misaka Bank was opened.
1908-the Governmenment owned Agricultural Bank.
Act No.2616-asserts that the asset and liabilities of the bank were transferred to the Phil, National Bank.
1918-Yokohama Specie Bank.
1920-China Banking Corp.
1926-Mercantile Bank of China.
1930-National city bank of New York.
1937-Bank of Taiwan
- Netherlands Indische Bank.
1900-First Phil Commission passed.
Feb.1929-Bureau of Banking was created.
Philippine Financial System
Postwar and Independence Period
The New Society Period
August 2, 1882-The First saving Bank in the country wa founded by Father Felix Huertas and named "Monte de piedad y caja de ahoros de manila.
-Banco Peninsula Ultra Marino of MAdrid was also Opened.
1898-The Spanish regime ends. the 4 banks, 3 commercial abnk, and 1 saving bank were doing business in the Phil.
Postwar and Independence Period.
June 6, 1945-Rehabilitation of the Banking system was made possible by Executive Order No.49.
1949-Inaugurated the Central Bank of the Phil.
1948-Enacment of Bnaking Laws.
R.A NO.337-General Banking Act.
1592-Rural Bank Act was approved.
1963-Saving and Loan Association Act approved.
38 Commercial bankwith 542 brances/extension offices.
13 Saving Bankwith 38 branches.
29 Private Development Banks with 24 extension offices/agencies
469 Rural Bank and 87 Savings and Loan Association.