Scribd
Upload
143 views2 pages

Financial Acc. 2

The history of Philippine banking began in the 16th century with Obras Pias, which provided commercial credit through mortgage loans and other services. In 1851, Banco Español-Filipino de Isabel II was founded and evolved into a broader banking institution. Chartered Bank opened in 1872 as the Philippines' first bank to accept deposits and offer lending. Several other foreign and domestic banks opened in the late 1800s, including the British Orient Bank in 1873 and Hongkong and Shang Hai Banking Corp. Domestic institutions like Monte de Piedad y Caja de Ahorros and the Postal Savings Bank were also established during this time period. The Bank of the Philippine Islands and Philippine National Bank were founded in

Uploaded by

Andrea Nicole De Leon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
143 views2 pages

Financial Acc. 2

The history of Philippine banking began in the 16th century with Obras Pias, which provided commercial credit through mortgage loans and other services. In 1851, Banco Español-Filipino de Isabel II was founded and evolved into a broader banking institution. Chartered Bank opened in 1872 as the Philippines' first bank to accept deposits and offer lending. Several other foreign and domestic banks opened in the late 1800s, including the British Orient Bank in 1873 and Hongkong and Shang Hai Banking Corp. Domestic institutions like Monte de Piedad y Caja de Ahorros and the Postal Savings Bank were also established during this time period. The Bank of the Philippine Islands and Philippine National Bank were founded in

Uploaded by

Andrea Nicole De Leon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

Explain the History of Philippine Banking

Obras Pias
Obras Pias, which means "Pious Works," began in the 16th century and is
directed by laymen with religious orders and supported by legacies and
contributions from wealthy persons. As a result, it becomes the "Sole Source of
Commercial Credit" with Mortgage Paying Loans, Acapulco Trade, and Maritime
Insurance, with the profits from the Obras Pias utilized to build churches,
charities, government buildings, and other religious projects.
Banco Español-Filipino de Isabel II
Banco Espaol-Filipino de Isabel II was founded in 1851, and by the early
nineteenth century, it had evolved into a lending association run by the Junta
de Autoridades, or Board of Authorities, that provides broad banking services
and facilities. The Banco Espaol-Filipino de Isabel II changes its name to
Rodriguez Banks and expands its office in Manila, becoming the Philippines' first
debt bank. Obras Pias receives 50% of the bank's capital.
Chartered Bank
In the Philippines, Chartered Bank was founded in 1872 as a financial
organization with core functions. Accepting and safeguarding money or
monetary deposits, as well as lending or loaning, are the key responsibilities. It
began operations in Manila, eventually expanding to Iloilo and Cebu, as well as
India, Australia, and China.
British Orient Bank
Following the completion of the Suez Canal on November 17, 1896, in the
Artificial Sea, the British Orient Bank extended the Philippine-European
commerce in 1873. The Suez Canal's water level route links the Mediterranean
and Red Sea.
Hongkong and Shang Hai. Banking Corp.
Hong Kong and Shang Hai Banking Corporation is an Asian bank, as well as a
corporation that is an artificial person formed by operation of law with the right
of succession and the powers, characteristics, and properties expressly allowed
by law or consequent to its existence.
Monte de Piedad y Caja de Ahorros
Monte de Piedad y Caja de Ahorros is a Philippine Savings Bank or Pawnshop
founded in 1892 and capitalized by Obras Pias.
Postal Savings Bank
Established in 1906, the Postal Saving Bank or the Landbank of the Philippines
(authorized by President Rodrigo Duterte in January 2018) is a government
bank, a state-owned financial institution, and a public bank serving the public
interest.
Bank of the Philippine Island
The Bank of the Philippine Islands, or BPI, was founded in 1912 and is the
Philippines' oldest bank.
Philippine National Bank
The Philippine National Bank was founded in 1916.

You might also like