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Philippine Ventures & Destinations

Read about business opportunities and interesting travel destinations in the Philippines. Learn from the
experiences of seasoned Filipino entrepreneurs and business executives. Explore places where you can listen
to music, watch cultural performances, and simply have hours of fun. Check out where and what to eat while
in Metro Manila, on the road or in the provinces. The following essays contain personal insights on
Philippine culture and life particularly in the provinces.

About Me
NAME: JANE SUBANG LOCATION: PHILIPPINES
A statistics major, Leticia Subang spent the first 10 years of her professional career as an economic
reporter covering for the Philippines' leading business paper. She later opted to become a free lance
writer while working for her Masters Degree in Development Management. In the next ten years, she
worked for a number of leading government agencies - the National Power Corporation, Public Estates
Authority, Departments of Trade and Industry, Agriculture, Labor and Employment, and Energy.
View my complete profile

TUESDAY, SEPTEMBER 06, 2005

Banking in the beginning

The early history of the Philippine banking system was closely intertwined
with the Catholic Church.

Endowed with large funds from the legacies of the wealthy faithful, the
religious foundations called Obras Pias or Pious Works started in the 16th
century to become the precursors of lending institutions in the country.

These bequests were primarily applied to religious, educational and

charitable projects of the Church, such as the saying of masses for the dead
and the care of orphans, the sick and the elderly. They were administered
by institutions like the Confraternity of Mercy and the Third Order of St.
Francis.

Pious intents, secular purpose

But traders also tapped the Obras Pias as source of financing for the
Galleon trade, which lasted for 250 years with over a hundred vessels
crossing between the Philippines and Mexico.

Horacio de la Costa, SJ, describes the role played by the Obras Pias in the
trade:

“Since these institutions also insured the goods shipped on the galleon,
they acted, in effect, as the colony’s commercial banks. Because of the risks
of the voyage, their premiums and interest rates were high; but shippers
had little hesitation in paying them because of the even greater profits.”

The alcaldes mayores, seeking to augment their earnings by trading local

produce, also relied on the Obras Pias for financing.

But on their own, other businessmen of the Spanish colonial period were
A Legacy of Innovations engaged in money lending as well. For client they had the native who tilled
Norkis: An extended, the land mainly to feed his own family. On this Martinez de Zuniga wrote
expanding family
in 1803:
Plain and simple hard “There’s no money. What does he do? He cannot sell his land, because the
work
law forbids it. So he goes to a mestizo for the money. The mestizo give it to
Building classrooms:
him, on condition that he mortgages his land by the contract known as
Viable social project for
firms “sangla-bili,” that is, a sale with option to repurchase. And every time the
Poverty-free zones in native comes for money, the mestizo gives it to him (on the same terms),
Southern Leyte until the amount he has drawn becomes so great that he cannot possibly
Showing off the repay it to redeem his land. Thus, the option to repurchase lapsing, the
Philippines
contract comes a straight sale and the mestizo acquires full ownership of
Remembering Puerto the land.”
Princesa
‘Istiv’ helps improve SME
productivity While no less shrewd, foreign merchants were fairer. From Antonio
OFWs help address acute
Regidor and J. Warren Mason, we learn that at the start of each planting
classroom shortage in season, they estimated what the value of the next harvest would be and
publ... paid the farmers for it in advance. If the advance was subsequently found
A YEAR AFTER: New to be too little, the balance was returned to them. But if the crop had been
village rising where 120
died
over-valued, the difference was extended on to the sale from next harvest.

Need a click? With the advent of the first steam machines for hulling rice and the
establishment of experimental farms, foreign firms provided more crop
Get Your Blogs Clicked!
growers with short-term financing. Eventually they introduced the
Filipino Journalists rudiments of formal banking, receiving funds for deposit and paying
interest as well as dealing in foreign exchange and brokering for insurance
Joy de los Reyes, Malaya
Editor-in-Chief companies.
Philippine Center for Enterprising locals quickly followed suit. “Banks” were set up by Francisco
Investigative Journalism Rodriguez, Damaso Garricho and Mariano Tuason. Commission and
Jove Francisco, commercial houses were opened, and bills of exchange along with other
Malacanang Reporter negotiable instruments used in business transactions were introduced.

My friends According to Benito Legarda, Jr., the bills of exchange were comparable to
Paul Farol the present-day letters of credit:

“With the bills of exchange… traders could buy with little capital. A
European buyer, for example, could dispatch a ship to Manila with an
order for so many tons of, say, sugar, and pay for these with a bill of
exchange. When the order arrived in London, the bill would not fall due
until nine months later, giving the trader enough time to sell his goods and
perhaps play with market prices.”

The first banks

As trade between the Philippines and other nations like China and India
flourished, the demand for banking services mounted. The domestic
banking system formally came into being in August of 1851, when the
Junta de Autoridades under Governor General Antonio de Urbiztondo
passed a resolution creating the Banco Espanol-Filipino de Isabel II, which
evolved into what is now the Bank of the Philippine Islands.

Banco Espanol-Filipino commenced operation in May 1852 at the Royal

Customhouse on Aduana Street, Intramuros, with a capital of P400,000, a
sizeable portion of which was drawn from the Obras Pias.

The complementary relationship between the two financial institutions is

described by Regidor and Mason:

The Obras Pias and the Banco Espanol-Filipino were operated, in effect, as
two branches of the same institution. The former was compelled by the
Spanish authorities to undertake the less remunerative part of the banking
business… It was made to accept mortgages on houses or town building
properties, in full security for loans, when houses were not easily
convertible into money… while the Bank Espanol-Filipino was given every
right the authorities could extend to elevate it to a commanding position. It
was permitted to require what security it desired for loans.”

By virtue of a royal decree, Banco Espanol-Filipino began issuing the

Philippines’ first paper currency called “Pesos Fuertes” in October 1854,
effectively becoming the official state bank of the colony.

To support the growing British commercial interests in the region, the

London-based Chartered Bank of India, Australia and China, today
Standard Chartered Bank, established a branch in Manila in 1873.
Hongkong and Shanghai Banking Corporation followed suit two years
later. In the next decade both would also set up shop in Iloilo to service the
sugar industry.

The system expanded further with the organization of the country’s first
savings bank in 1882 by Fray Felix Huertas. As its name indicates, Monte
de Piedad y Casa de Ahorros (later known as Monte de Piedad and Savings
Bank) combined the functions of bank and pawnshop. Its start-up capital
of P33,959 was made available by the Real Case de Misericordia, a
religious foundation.

Monte de Piedad paid four percent per annum on deposits with the
maximum set at P1,000 for each client. It likewise extended loans at six
percent, accepting jewelry, new and used clothing and other valuables as
security.

With the outbreak of the Philippine Revolution of 1896, the first bank run
was recorded. The Spanish-American War in 1898 caused another run,
with Spanish military personnel and civil officials withdrawing their
deposits before returning to Spain. Although still in its infancy, the system
survived both.

A new century dawns

Under American rule, banks were subjected to closer supervision and

monitoring, a task assigned by the First Philippine Commission to the
Bureau of Treasury. The gold coins of the United States became legal
tender in the Philippines.

In the early years, several local banks arose not just in the capital, but also
in Pangasinan and Zambales, but most were short-lived. More
significantly, the International Banking Corporation opened in 1904, to be
absorbed later by the National City Bank of New York, the present
Citibank. It was then too that the Manila Building and Loan Association, a
pioneering venture in development financing, was organized.

Meanwhile, as Japanese business interests expanded throughout the

region, S. Mikasa Bank started servicing the needs of the expatriate
community in the Philippines.

Initially, banking services were made available in the rural areas by the
Postal Savings Bank. But in 1908, the American colonial government
established the First Agricultural Bank of the Philippines. Capitalized at P1
million, it granted loans to farmers equivalent to 40 percent of the
assessed value of the real estate used as collateral.

On the way to maturity

Following the enactment of the Jones Bill in 1916 laying the groundwork
for the country’s independence, the Philippine National Bank was created
with a start-up capitalization of P20 million, making it the giant of the
system. PNB promptly absorbed the First Agricultural Bank and began
setting up branches and agencies in the provinces, particularly those that
produced sugar and coconut oil for export.

More banks began doing business in the country, among them, Yokohama
Specie Bank, precursor of the Bank of Tokyo, which dealt chiefly with
Japanese firms involved in abaca plantations in Mindanao; the Chinese
American Bank of Commerce of Peking; and the China Banking
Corporation.

In 1929, the US stock market crashed, signalling the start of the Great
Depression. As the crisis deepened, Wall Street investment houses and
banks came under scrutiny. Here, the supervision of banks was transferred
from the Bureau of Treasury to the Bureau of Banking under the
Department of Finance.

After Franklin D. Roosevelt became President in 1933, he ordered banks

closed and banned gold exports. This triggered a gold boom in the
Philippines.

But the local banking system continued to attract investors, to wit, the
People’s Bank and Trust Company in 1926, the National City Bank of New
York in 1930, the Japanese-owned Bank of Taiwan and the Nederlands
Handelsbank NV in 1937. With the Philippine Trust Company and the
Philippine Bank of Communications, they brought to 11 the total number
of banks.

There was no Central Bank when the Philippine Commonwealth was

inaugurated in 1935. Being the government bank and the largest
commercial bank at the same time, the PNB issued notes in tandem with
the Bank of the Philippine Islands. Both these notes and Treasury
Certificates from the Bureau of Treasury were freely convertible to US
dollars at the official exchange rate of two to one.

The commercial banks relied on their clearing house association, usually

chaired by the PNB, to formulate rules and regulations covering the
clearing and exchange of checks. The PNB exercised some of the functions
of a Central Bank, including the clearing of checks and the settlement of
interbank balances.

When the Philippine stock market itself crashed in 1938, many brokerage
firms went bankrupt, among them the Finance and Mining Brokerage
headed by Miguel Cuaderno, Sr. Cuaderno subsequently organized the
Philippine Bank of Commerce, the first wholly Filipino-owned private
commercial bank, with himself as president. With him in the venture were
the prominent Cojuangco, Jacinto and Rufino families, as well as well-
known figures like Lorenzo Sumulong, Aurelio Montinola and Francisco
Lopez.

At about the same time, the government organized the Agricultural and
Industrial Bank to take over the agricultural lending activities of the PNB.

Just before the outbreak of World War II, the Philippine banking network
comprised 17 offices in Manila with 22 branches and 154 agencies around
the islands, with an aggregate resource base of P371 million.
As preparations for the war intensified, the banks experienced heavy
withdrawals. People used the money to stock up on canned goods,
clothing, soap and other essential commodities. Many went home to the
provinces where they felt they would be safer.

During the Occupation

The Japanese bombed Pearl Harbor in December 1941. A month later, they
occupied Manila. The Philippine currency was demonetized and replaced
with Japanese military notes.

The Yokohama Specie Bank and Bank of Taiwan resumed operations in

January 1942. The Philippine National Bank, the Bank of the Philippine
Islands and the Philippine Bank of Commerce reopened the following
month. However, all American, British, Dutch and Chinese-owned banks
were placed under liquidation. The Bank of Taiwan was designated as
liquidator.

The “buy and sell” business flourished as materials needed for the war
effort like scrap metal, copra and coconut oil, sugar, rice and other food
items were funnelled to the Japanese military forces.

The inflation rate skyrocketed and the military government responded by

printing more notes. This in turn resulted to more inflation, bringing down
the value of the currency in circulation. Thus, the legal tender under the
Occupation came to be known as “Mickey Mouse” money.

Post-war reconstruction

With the defeat of the Japanese by the Allied Forces in 1945, the
Yokohama Specie Bank and the Bank of Taiwan quit the Philippines.
Meanwhile, the Nederlands Handelsbank was acquired by the Bank of
America.

Immediately after the cessation of hostilities, an executive order was

issued empowering the Bank Commissioner to let any bank deemed
solvent to resume operations. Initially, only the PNB, being the
government bank, was allowed to reopen. The old Treasury notes
overprinted with the word “Victory” were circulated, with the same pre-
war value and convertibility rate to the US dollar.

The banks were freed from any liability for deposits made during the
Japanese Occupation and made responsible only for pre-Occupation
deposit balances less voluntary withdrawals.

The PNB was rehabilitated through Commonwealth Act No. 726 in July
1945, and the Rehabilitation Finance Corporation was established under
Republic Act No. 85. Capitalized at P350 million, it was to provide credit
facilities for the reconstruction and diversification of the ravaged economy.

With the grant of Philippine independence, the political leadership lost no

time in laying the foundation for a Central Bank. In June 1948, Republic
Act No. 265 was passed creating the Central Bank of the Philippines. This
was followed by Republic Act No. 337 or the General Banking Act.

Regulations on the reserve requirement were set – 18 percent for demand

deposits, of which 13 percentage points should be in the form of cash with
the Central Bank and the remaining 5 percentage points could be in
government certificates of indebtedness. Furthermore, banks were
required to set aside an equivalent 5 percent in reserves for savings and
time deposits and another10 percent for foreign currency deposits.

The era of managed currency system for the country had begun. The
appropriate levels of money supply and international reserves needed to
meet economic targets were now determined by the monetary authorities.

These developments encouraged the bankers to band together and for the
Bankers’ Association of the Philippines in March 1949. Elected president
was Felix de la Costa.

To hasten the restoration of the war-battered economy, the Central Bank

issued the Rehabilitation and Development Bonds, whose proceeds would
finance various economic development projects seeking to increase
production capacities and generate employment.

Rediscounting was introduced. In the past, the banks had to utilize their
own resources to meet their clients’ requirements. Now they could borrow
from the Central Bank, the bank of banks, with receivables as collateral.

Inasmuch as most production facilities were destroyed during the war,

importation levels had risen higher than ever, while exports lagged far
behind. Significant capital outflows aggravated the situation, resulting in
rapid depletion of international reserves.

The Central Bank eventually imposed import controls to conserve foreign

exchange for essential and productive purposes. Importation of non-
essentials and the sale of foreign exchange for travel, profit and dividend
remittances were restricted.

On the brighter side, US investments began pouring into the country

owing mainly to parity rights, which gave Americans equal opportunity to
exploit indigenous natural resources. Also, the Korean War led to
improved world prices, consequent to which Philippine exports surged.
Owing to better export performance and tight import controls, when 1950
ended, a positive balance of payments and higher international reserves
had been achieved.

By then there were 11 commercial banks with a total of 75 branches.

However, only one savings bank, the Monte de Piedad Savings and
Mortgage Bank, remained in operation. Provincial depository needs were
being serviced by the PNB and the Philippine Postal Bank through the
offices of the Bureau of Posts.

The era of import substitution

In the 1950s, the government pursued an import substitution strategy,

offering incentives to encourage the setting up of more industries and
packaging plants. Imported goods arrived in drums and were transferred
to smaller containers. Others came as knocked-down units for assembly in
local factories.

Such thrust fuelled the proliferation of banks. Equitable Banking

Corporation was organized in 1950 by the Go family. The Jacintos and
Rufinos formed Security Bank and Trust Company in 1951 after selling
their interests in the Bank of Commerce to the Cojuangcos. That same
year, the Bank of Calape, a savings and mortgage bank, was established in
Bohol.
Following in their wake were the Prudential Bank and Trust Company
owned by the Roman R. Santos family of Malabon and Navotas in 1951; the
Republic Savings Bank, Manila’s first, in 1953; the Commercial Bank and
Trust Company in 1954; and the Pacific Banking Corporation in 1955.

Previously, small farmers and traders had limited access to formal banking
services, and were forced to turn to usurious money lenders. The
enactment of Republic Act No. 720 or the Rural Banking Act of 1952
sought to remedy the problem, setting as target a rural bank for every
municipality.

The country’s first, the Rodriguez Rural Bank owned by the family of
Senate President Eulogio Rodriguez, was inaugurated in Pasig, Rizal, in
December 1952. Four months later, 24 rural banks formed the Rural
Bankers Association of the Philippines, with Alfredo Montelibano as
president. Eight years after the passage of Republic Act No. 720, the
Central Bank was supervising 160 of them.

Alongside rural banking, the concept of development banking was

introduced via Republic Act. No. 4093 or the Private Development Bank
Act of 1954. Private sector response to the measure, however, was slow in
coming.

Republic Act No. 2081 was passed in June 1958, amending the charter of
the Rehabilitation Finance Corporation and renaming it the Development
Bank of the Philippines. This proved to be the catalyst for development
banking. The following year, the Lipa Development Bank was established.

By the end of the decade, the country’s development banking system was
composed of DBP’s 39 branches and five private development banks. This
on top of 21 commercial banks and four savings and mortgage banks.

On another front, the private sector took the lead in packaging other types
of financial services. In the Fifties, six financing companies came into
existence: the First Acceptance and Investment Corporation and Filipinas
Investment and Finance Corporation in 1955; the Industrial Finance
Corporation in 1956; the Commercial Credit Corporation and Filipinas
Mutual Finance Inc. in 1957; and the House of Investments in 1959.

With the increase in the number of banks and branches nationwide,

government intensified its monitoring and supervision of the system.

The Bank Deposit Security Law or Republic Act No. 1405 was passed in
1955, prohibiting the disclosure of or inquiry into deposits with any
banking institution. A Central Bank circular in May 1956 fixed interest
rates on deposits at 2 percent per annum compounded quarterly for
savings deposits and 2.5 percent for time deposits with 12-month maturity.

Faced with mounting inflationary pressure, the Central Bank used a wide
range of instruments to control the demand for credit. Between 1957 and
1959, it raised the bank’s reserve requirement on demand deposits and
partially suspended their access to rediscounting windows. Similarly
upped was the interest rate on savings deposits.

Selective credit policy measures were adopted: rediscount rates were

revised to favor credit to primary enterprises, and ceilings on loans and
investments for specific industries set. These controls were also applied to
promote the government’s “Filipino First” policy and industrialization
program geared towards import substitution.
The foreign exchange allocation system, meanwhile, gave preference to
exporters and the manufacturing and mining sectors. And the Filipinos’
share in the allocation was increased from 40 percent in 1953 to 52 percent
in 1959.

Summing up, the controls and restrictions that the Central Bank imposed
in its first decade of operation ushered in profound changes in the
methods of doing business and patterns of consumption in the country.

The decade of decontrol

The 1960s challenged government policy makers to further calibrate

monetary policies. They periodically shifted between contractionary
measures and expansionary policies to suit the economic thrusts being
pursued.

With more stable prices, improved incomes, and better international

reserves position, the Philippines began to shift towards a free market
system. Thus, in April 1960, the Central Bank launched its decontrol
program.

The complicated foreign exchange control mechanisms were dismantled

and the pace of economic growth left for determination by market forces.
All restrictions on sales of foreign exchange were lifted. Apart from the
retention of 20 percent of export proceeds by the Central Bank at the rate
of P2:$1, de facto devaluation ensued with the exchange rate of the peso to
the US dollar allowed to fluctuate.

Decontrol, however, was short-lived. Businessmen needed more pesos to

finance their activities, the banks lent more to customers, the amount of
money in circulation increased, and inflation became a serious problem.

Accordingly, between 1962 and 1965, government resorted once again to

controls so as to manage the money supply and credit. The reserve
requirement on demand deposit was raised anew. Special time deposits
against import letters of credit were required. Rediscounting rates for
commercial banks were increased and a rediscount quota system went into
effect.

Excess money in circulation was siphoned off from the system, and the
peso-dollar exchange rate stabilized. By November 1965, it stood at
P3.90:$1.

By 1966, the country’s international reserves position had improved and a

favourable balance of trade had been achieved, leading the monetary
authorities to loosen the grip. The rediscount rate, at 6 percent since 1962,
was lowered to 2 percent. The reserve requirement on demand deposits
was reduced and the special time deposit requirement on import letters of
credit removed.

But as a result, demand for import financing increased, which together

with the growing fiscal deficit once more brought heavy pressure to bear
on international reserves. These hit a low of $167 million by June 1956, as
against $300 million in 1954.

Confronted with yet another monetary crisis, the third since the Central
Bank was created, the authorities reverted to credit control. Unpopular
with the business community, the move underscored the need to strike a
balance between economic expansion and price stability.

The1967 monetary crisis paved the way for the first rescheduling of the
country’s foreign debt, by then maturing. Furthermore, fresh credit to
finance increased export production costs had to be secured.

As condition for the standby loan that the International Monetary Fund
finally extended, the Philippines had to adopt a stabilization program with
more stringent credit controls. Again rediscount rates were increased,
special time deposit requirements on import letters of credit revived, and
ceilings on loan portfolios of commercial banks as well as regulation of
certain foreign exchange transactions re-established.

In the midst of these economic adjustments, the Philippine money market

came into its own, with more investment houses and other financial
intermediaries lending added dynamism to the sector. In February 1963,
the Private Development Corporation of the Philippines began providing
medium and long term equity and debt financing and managerial services
to private enterprises.

Two more government banks became operational – the Land Bank of the
Philippines mandated to finance the national agrarian reform program,
and the Philippine Veterans Bank, to grant loans to army veterans, their
families and heirs.

In 1963, Republic Act No. 3779 vested supervision of savings and loan
associations in the Central Bank. The first SLA, aptly named First Savings
and Loan Association, was organized in July 1965.

Ultimately, the deterioration of the Philippine economy in the mid-Sixties

coupled with the intense competition among so many players in the field
affected the viability of several banks, particularly those that had
committed serious lapses and malpractices.

In 1968, the Central Bank had to close a commercial bank, a savings bank,
and four rural banks, which led to a bank run. So grave was the crisis that
besides ordering the release of emergency advances, the CB governor had
to personally calm the crowds of worried depositors and urge the banks to
display in their lobbied piles of peso bills to reassure the public.

The Central Bank then required commercial banks to increase their capital
to at least P20 million over a five-year period. It also imposed rules on
loans to directors, officers, stockholders and related interests or DOSRI.

At the end of the decade, there were 41 commercial banks in the country
with total assets of close to P10 billion. DBP and the private thrift banks
accounted for another P2.5 billion, while the 369 rural banks had
combined resources of P409 million.

The Philippine formal banking system was now over a century old. It had
weathered interesting times indeed. But even more interesting times, both
politically and economically, lay ahead.

(Note: this is Chapter 2 of "Banking on the Nation's Progress," a 25th

anniversary commemorative book of Allied Bank. The author of the this
chapter is the book's lead writer and senior editor. )
 Search

posted by Jane Subang | 10:17 AM

11 Comments:

Kev said...
Great post on Banks in Florida. I was just searching alltheweb.com I
think it was and your post on came up for Banks in Florida. Gave it a
read.. not sure if it was exactly what I was looking for.. but worth the
time it took to read it.
8:02 AM

Slim said...
Aloha Jane Subang, I'm in Hawaiian mood as I'm listening to Ki ho'alu
music (If you've not heard this type of guitar music then you are in for a
treat!) so I'm not really concentrating very hard but I came across
##TITlE## looking up gen on currency trading recommendation.
Anything to do with currency trading recommendation I always look at,
though I do have a tendency to wander about in blogs just reading
generally.
12:30 AM

kredietlenenhypotheken said...
Hello Jane Subang ,Als je bij een bank niet slaagt voor financieringen
heb je dan nog kans op financieringen bij bijvoorbeeld postkrediet?
1:28 PM

kredietlenenhypotheken said...
Hello Blogger ,Als je bij een bank niet slaagt voor een lening heb je dan
nog kans op een lening bij bijvoorbeeld postkrediet?
2:44 PM

Sonyfan said...
Hi Jane Subang, oh dear, I'm getting sqaure eyed here - must have
been spending too much time reading blogs and forex currency trading
beginner information. I'm supposed to be looking for forex currency
trading beginner items but I find it all too easy just to click 'Next' and
just see anything which is how I came to Banking in the beginning.
Some blogs I just skip through but I spent a while here. Ciao.
10:38 PM

Busybee said...
Hi Jane Subang, this is my last visit on the 'net for now - I'm tired. I
found Banking in the beginning by accident as I'm searching on chart
currency trading but I got fed up with that and I've been roaming about
just reading what takes my fancy. Good blog you have here, I enjoyed
my visit. Have a great day and it's back to chart currency trading
searches for me tomorrow.
9:22 PM

kingpebble said...
Aloha Jane Subang, I'm in Hawaiian mood as I'm listening to Ki ho'alu
music (If you've not heard this type of guitar music then you are in for a
treat!) so I'm not really concentrating very hard but I came across
##TITlE## looking up gen on forex currency trading beginner.
Anything to do with forex currency trading beginner I always look at,
though I do have a tendency to wander about in blogs just reading
generally.
4:31 AM

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