Answer to Question #259743 in Accounting for Another you

Question

1. What was the first credit institution established in the Philippines during the Spanish era?

2. What was the first state bank in the Philippines?

3. What was the first agricultural bank in the country?

4. What bank was given the sole authority to issue Philippine money and supervise the country's banking system?

5. What is the first mutual savings bank in the Philippinss?

Answer 1

Solution:

1.). The first credit institution established in the Philippines during the Spanish era was Credit Information Bureau, Inc.,

 

2.). The first state bank in the Philippines was known as El Banco Espanol-Filipino de Isabel II (The Spanish-Filipino Bank of Isabel II) established in August 1,1851.

 

3.). The first agricultural bank in the country was the Agricultural Bank of the Philippine Government, which was established in 1908 to provide agricultural loans to local farmers.

 

4.). The Central Bank of Philippines established in 1949 was the bank given the sole authority to issue Philippine’s money and supervise the country’s banking system.

 

5.). The first mutual savings bank in the Philippines was the Bank of the Philippine Islands (BPI) founded in 1851.