DID YOU KNOW…
…that soon after the Philippines was ceded by Spain to the United States in 1898, El Banco Español Filipino, which operated as a Spanish public bank since 1851, changed its nationality and became a Philippine institution?
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…that the regulation of local banking began when the Philippines became a colony of the United States?
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…that this regulation was reflected in Act No. 52 of the Philippine Commission which provided that all banks in the Philippine Islands were to be examined by the Insular Treasurer?
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…that the regulation and suspension of banking activities fell under the American regime's "police power" provision because the US considered banking as a matter of public interest?
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…that when the US military government took over the administration of the Philippines in 1899, four banks (two local and two foreign) were in operation, and they had total combined resources of P40 million?