THE

PHILIP

PINE

BANKING

SYSTEM

SPAN

ISH

ERA

SUBMITTED BY: Mary Ann Licon

Tricia Mae Camota

SPANISH ERA

1594- (“Obras Pias”) the first organized institution in the Philippines

and began to operate this year.

• The operation of these institutions were largely financed by pious Catholics mainly to finance the

commercial activities of traders or merchants in their trade with

ACAPULCO, MEXICO

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- Chartered banks of India, Australia and China

1876-Another British owned a bank this the Hong-Kong Shanghai banking Corp.

1882- MONTE DE PIEDAD, the first savings bank in the

Philippines

1883- THE BANCO PENINSULA ULTRAMARINO DE MADRID but

closed four years later.

• Supervision and regulation were negligible and lax, with only the general provisions of the Spanish Civil Code and the code of Commerce of Spain regulating banking business.

• The government at that time did not have any definite commitment as to responsibility to either banks or their clients.