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Chapter 1 Development of the Philippine financial system : archetypal credit administration make watered in the Philippines were the Obras pias which literary mean pious work. These were started by Father Juan Fernandez de leon 1754. These institution consisted of behind whish invested their money in business and channeled their profit to clement work. >credit institution had been under escort of friars and eventually became commercial submarine or marine insurance policy companies. 1754 Francisco Rodriques-organise of Rodriquez lingo by dint of more of a loan associated than a vernacular. ? Most of the clients of the banking company were American and British merchants ? When the owner died, the bank fund were glowering over to the Queen of England. .1820 Fist Philippine bank-Banko Español -this bank had been allow charter in 1528 ? Started transacting business when several(prenominal) phil port opened to orthogonalers ? deal ing in manila to foreign is not totally strong. .1851 opening of Suez Canal expanded and European market became, accessible to Philippines producers And this bring forth the country plain development ? The banco español-filipino funded kneads for exports and establish correspondent congenator in Spain and France to the European trade. 1869 The growth of trade with Europe began to displume British capital to the Philippines.as a result, the charter bank of india ,Australia, and chinaware set up a manila branch in 1873. Two years later hong kong and affect bank likewise put up its branch in manaila. In 1883. Does bank opened branches in Iloilo to finance the mark industry 1883 The British bank dominated the economy during the Spanish compound rule. Their ships, society with china and Europe,credit resources, and technique and machinery for large scale crop mathematical product however American business interests started to expand during this period. 1820- 1900 other bank were organized such as the! postal savings, and agricultural bank of...If you want to get a full essay, evidence it on our website: BestEssayCheap.com

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