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FINANCIAL SYSTEM
HISTORY OF THE
PHILIPPINE BANKING
in Manila in 1872.
The Hongkong and Shanghai Banking Corporation
established its Manila branch in 1875.
The first mutual savings in the country is Monte de Piedad
Y Caja de Ahorros - a unique combination of savings
banks and pawnshops opened in 1882. Initial
capitalization was also provided by Obras Pias.
The bank was later renamed to Monte De Piedad and
Savings Bank.
The Banco Espanol-Filipino de Isabel II changed its name
to Bank of the Philippine Islands on January 1, 1912.
BANKO SENTRAL NG
PILIPINAS
the
Chairman of the Board with five full-time members from
the private sector and one member from the cabinet.
Implementing its policies and regulations as well as
running the day-to-day operations are the officers and
employees . A deputy Governor heads each of the Banks
three major operating sectors.
Banking Services Sector
Supervision and Examination Sector
Resource Management Sector
PRIVATE BANKING
INSTITUTIONS
serve the needs of people in the provinces and suburban areas. Rural banks perform the following
functions: Granting of short term loans to farmers ,
merchants, cooperatives to finance their requirements
in the pursuit of their business which are principally
aimed at countryside development. They also accept
savings and time deposits to accumulate funds for local
development. They also serve as channels for
disbursement and collections of supervised credit
programs and they act as correspondents for other
financial institutions.
Government Banks
Development Bank of the Philippines was established in
Government Banks
Land Bank of the Philippines was organized in 1963 to
Government Banks
Philippine Amanah Bank was established in 1974 to
THE END