1900 | Act No. 52 was passed by the First Philippine Commission placing all banks under the Bureau of Treasury. The Insular Treasurer was authorized to supervise and examine banks and banking activities. |
February 1929 | The Bureau of Banking under the Department of Finance took over the task of banking supervision. |
1939 | A bill establishing a central bank was drafted by Secretary of Finance Manuel Roxas and approved by the Philippine Legislature. However, the bill was returned by the US government, without action, to the Commonwealth Government. |
1946 | A joint Philippine-American Finance Commission was created to study the Philippine ...view middle of the document...
November 1972 | RA No. 265 was amended by Presidential Decree No. 72 to make the CBP more responsive to changing economic conditions.PD No. 72 emphasized the maintenance of domestic and international monetary stability as the primary objective of the CBP. Moreover, the CBP’s authority was expanded to include not only the supervision of the banking system but also the regulation of the entire financial system. |
January 1981 | Further amendments were made with the issuance of PD No. 1771 to improve and strengthen the financial system, among which was the increase in the capitalization of the CBP from P10 million to P10 billion. |
1986 | Executive Order No. 16 amended the Monetary Board membership to promote greater harmony and coordination of government monetary and fiscal policies. |
3 July 1993 | The Bangko Sentral ng Pilipinas (BSP) was established to replace the CBP as the country’s central monetary authority. |
1. Commercial Banking Institutions.
The Banks that fall under commercial banking institutions are the ordinary commercial banks or non-expanded commercial banks. These banks continue to account for the bulk of the total resources of banking industry.
* BDO Unibank
* Metropolitan Bank and Trust Company (Metrobank)
* Bank of the Philippine Islands (BPI; oldest bank in Southeast Asia)
* Land Bank of the Philippines (Landbank; LBP, main government bank)
* Philippine National Bank (PNB)
* Development Bank of the Philippines (DBP, secondary government bank)
* Security Bank
* Rizal Commercial Banking Corporation (RCBC)
* Union Bank of the Philippines (Unionbank)
* United Coconut Planters Bank (UCPB)
* EastWest Bank
* The Hongkong and Shanghai Banking Corporation (HSBC)
* Philtrust Bank
* Asia United Bank (AUB)
* Bank of Commerce
* Maybank Philippines, Inc.
* Philippine Bank of Communications (PBCom)
* Standard Chartered Bank
* The Bank of Tokyo-Mitsubishi UFJ, Ltd.
* Philippine Veterans Bank (Veterans Bank; PVB)
* Robinsons Bank
* Deutsche Bank
* JPMorgan Chase
* Mizuho Bank, Ltd. Manila Branch
* ING Group N.V.
* BDO Private Bank (subsidiary of BDO Unibank)
* CTBC Bank (Chinatrust)
* Bank of China Manila Branch
* Bank of America, N.A.
* Mega International Commercial Bank
* Korea Exchange Bank
* Bangkok Bank
* Al-Amanah Islamic Investment Bank of the Philippines
2. The Thrift Banks.
Thrift banks are primarily engaged in mobilizing the small savings of the people. They provide funds for agriculture and industry at reasonable interest rates. The small producers like farmers, fishermen, craftsmen, and poor consumers can rely on such banks for financing their production and consumptions inputs.
* BPI Direct Savings Bank (a subsidiary of BPI)