Lesson3 Flashcards
- establish in 16th century
- soul source of commercial credit
- profits where channel to the construction of churches
obras pias
- establish in 19th century
- more a loan association than a regular bank
rodriguez bank
establish in august 1 1851 in manila
first state bank
50% capital funded by oblas pias
in 1912 change its name to bank of the philippine island
bangko espanyol filipino de isabel ii
open branches in the philippines in 1873 as a result of expanded philippine european trade
british orient bank
open the branch in manila in 1872 in iloilo in cebu
charted bank of india australia and china
1875
first mutual savings bank
da hong kong and shanghai banking corp
1882
combination of savings bank and pawnshop
monte de piedad y caja de ahorros
monte de pedad savings bank
1906
postal savings bank
jan.3, 1949
central bank of the ph
service performed by a financial institution
banking
covers widest range of function among all financial intermediaries
commercial banks
savings and mortgage banks, stock savings and loan association
thrift banks
regional banks
rural banks
Created by the government for specific purposes under special charters –
specialized banks
Established in 1946 as the Rehabilitation Finance Corporation to attend to the requirements of rehabilitation and development after world war II.
Development Bank of the PH
: Organized in 1963 to provide timely and adequate financial support to Agrarian Reform Program.
: It also performs the functions of a universal bank.
The Land Bank of the PH
Established in 1974 to promote and accelerate the socioeconomic development of Mindanao.
: Based on Islamic concept of banking, the no-interest and partnership principle
The Philippine Amanah Bank
Also known as current accounts or checking accounts.
Demand Deposit
Accounts with maturity date at a higher interest rates. Pre-termination of time deposits is permissible, where account can be withdrawn before its maturity.
Time Deposit
It has no maturity date, has a lower interest rate than time deposit. Can be referred to as a person’s “callable” account
Ordinary Savings Account
