Banco Filipino
Banco BPI
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Banco Filipino
Offers saving, investment management, and trust accounts. Also provides home, auto, and industrial loans.
www.bancofilipino.com
Banco Filipino - Wikipedia, the free encyclopedia
Banco Filipino was born on July 9, 1964, as a way to realize the dream of Tomas ... Banco Filipino mostly competes with other savings banks, such as Philippine ...
en.wikipedia.org
Business - Banco Filipino loses BSP suit - INQUIRER.net
VICTOR C. AGUSTIN - Banco Filipino has lost the initial judicial round in its ... Citing Banco Filipino's own pleadings, the Regional Trial Court in Makati City ...
business.inquirer.net
Banco Filipino Savings And Mortgage Bank (BF.PS) Stock Quote | Stocks ...
Read Banco Filipino Savings And Mortgage Bank BF.PS news, press release and key ... Banco Filipino Savings & Mortgage Bank is a Philippines-based banking ...
www.reuters.com
The Manila Times Internet Edition | SPECIAL REPORT > Controversy ...
They were subsequently deposited at the Banco Filipino's loan department. ... The Banco Filipino official also revealed that Velhagen - who headed BF Life and ...
www.manilatimes.net
The Manila Times Internet Edition | SPECIAL REPORT > Independence ...
to Banco Filipino and the Aguirre empire. By Daxim L. Lucas , Senior Reporter ... It is strange enough that Banco Filipino agreed to annual payments where the ...
www.manilatimes.net
BF - Banco Filipino Savings & Mortgage Bank - Google Finance
Get the latest on Banco Filipino Savings & Mortgage Bank (BF) including up to date news, high quality discussion groups and more on Google Finance.
finance.google.com
Business Mirror
Banco Filipino has sought restitution for damage done on the bank, ... BSP shuns deal with Banco Filipino. RP still lags in education, health delivery, says WB ...
www.businessmirror.com.ph
www.duckyparedes.com/archives/Malaya_Archive/1997/1997.10.28.Malaya.doc
Suggested Subhead: "Banco Filipino is probably too smart to do the normal thing. ... Banco Filipino's answer was to file suit against Joey Cuisia, governor of the ...
www.duckyparedes.com
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{{Infobox_Company | company_name = Banco Filipino Savings and Mortgage Bank| company_logo = ] | company_type = Public company ([Philippine Stock Exchange: [http://www.pse.com.ph/html/ListedCompanies/listedcompanyinfo.jsp?securitySymbol=BF BF)| company_slogan = Subok na Matibay, Subok na Matatag| foundation = Manila, [Philippines ([)| location = [Makati City, [Philippines | key_people = Teodoro O. Arcenas, Jr. , Chairman and President | num_employees = unknown| industry = [Finance and Insurance | products = [Financial Services| homepage = http://www.bancofilipino.com www.bancofilipino.com| revenue = P2.932 billion Philippine peso ({{profit-->37%) ([) http://www.bancofilipino.com/chairman.html -->Banco Filipino Savings and Mortgage Bank (), commonly known as Banco Filipino or BF, is one of the largest savings banks in the Philippines. It is known not only for its innovative offerings but also for its troubled history. It is also known for some property developments such as BF Homes, a subdivision in Parañaque City.
History Banco Filipino was born on July 9, 1964, as a way to realize the dream of Tomas Aguirre: that banking services reach the Filipino masses, which were usually seen as a market underserved by the Philippine banking industry then. It then set out to leave its mark as an innovator, by conceiving the first all-woman bank branch, which became a hit, in 1965, and by 1969 became the first bank to process online transactions in real time, giving customers the ability to deposit in any online BF branch. From 1966 until its closure in 1985, BF was the largest savings bank in the Philippines.
In 1970, Banco Filipino started expanding into the countryside with its first provincial branch opening in Naga City. By 1972, the bank's customer base grew to one million customers, even in the midst of martial law. It was voted the most preferred bank in Metro Manila in 1975. By 1981, the bank achieved what no other savings bank could: 89 branches, four billion pesos worth of assets, three million customers and three thousand shareholders.
On January 25, 1985, even though Banco Filipino was performing well and was seen by most people as a very healthy bank, the Bangko Sentral ng Pilipinas ordered its closure over alleged insolvency. For most of the 1980s, Banco Filipino would remain closed, until a 1991 ruling made by the Supreme Court of the Philippines declared the bank's closure illegal. Banco Filipino subsequently reopened, albeit only with fifteen of its original 92 branches, in 1994.
For much of the remaining 1990s, Banco Filipino would be busy trying to reestablish itself. It became a member of BancNet after launching the BF Cash Card in 1995 and issued its first credit card, a VISA (credit card) card, a year later. Two years later, BF shares were re-listed on the Philippine Stock Exchange, and the Supreme Court declared in 1999 that Banco Filipino is entitled to damages payments caused by its illegal closure.
Ownership
- Metropolis Development Corporation: 19.51%
- Apex Mortgage and Loans Corporation: 18.7%
- LBH Incorporated: 7.06%
- BF Retirement Fund: 2.17%
- BF Citiland Corporation: 1.98%
- Grand Farms: 1.9%
- Himlayang Pilipino: 1.86%
- Spring Sun Management Systems Corporation: 1.83%
- Tropical Land Corporation: 1.78%
- El Grande Development Corporation: 1.75%
- PII Trading: 1.66%
- Linktop Properties: 1.63%
- CLI Management Corporation: 1.41%
- Casa Tropical: 1.41%
- Others (includes public stock): 35.35%
Competition Banco Filipino mostly competes with other savings banks, such as Philippine Savings Bank and Centennial Savings Bank.
Firsts In line with its corporate philosophy, which is personalized service, Banco Filipino is known for the following firsts:
- Open teller counters instead of the then-common glass-encased counter. Today, all banks have adopted the open teller counter concept.
- Plastic signs inside bank branches
- Acceptance of initial savings deposits that are as low as one peso
- The offering of capital stock to its depositors. Through that scheme, Banco Filipino depositors could in effect become bank co-owners
- Extended banking hours from Monday to Saturday, 8 am to 8 pm, 6 days a week, 12 hours a day
- Monthly and even daily (known as "Interest Araw-Araw") interest payments. Many commercial banks and some universal banks have since adopted the monthly interest payment scheme.
- Advance interest payments on time deposits.
- The offering of negotiable orders of withdrawal. At the time, savings banks were prohibited from issuing government securities.
Relation to Urban Bank In the case against Urban Bank, which was ordered closed for the same reasons as Banco Filipino, Urban Bank president Teodoro Borlongan compared the case of Banco Filipino to the case of Urban Bank, which was argued on the following points:
{] and was granted a 119.7 million-peso loan from the Bangko Sentral. || Urban Bank alleges that numerous negative media reports attributed to the Bangko Sentral caused its illiquidity and that it received no help from the Bangko Sentral in resolving its illiquidity.|-|Banco Filipino declared a self-imposed bank holiday on July 23, 1984 due to its illiquidity. ] pre-cleared a bank holiday with the Bangko Sentral set for April 25, 2000.] by the Bangko Sentral a week after its bank holiday was declared and was even given a three billion-peso credit line. ], 1985. At the recommendation of the report, BF was ordered closed two days later. ] found that the report was based on incomplete findings. || Urban Bank and its subsidiaries were not found to be insolvent in their SES reports. It was also alleged that not only were Urban Bank's SES reports based on false information, but even its SES reports were falsely substituted and ante-dated to give the impression that the reports existed while deliberating the fate of the bank.|-|The Supreme Court found that the findings of the Monetary Board in closing Banco Filipino was not only unethical, but also questioned how a bank can resolve its financial status in four days, as well as resolve the issues surrounding the information found in Banco Filipino's SES report. || Urban Bank alleged that the Bangko Sentral did not furnish them a copy of its SES reports, so it was unable to take action against the reports' findings. It alleged that its reports were given only five months after the bank was ordered closed. Urban Bank even alleged a lack of due process on its behalf.|-|Banco Filipino requested the transcripts and records of the meetings deliberating the closure of the bank. The Bangko Sentral denied BF's request. || Subsequent amendments to Philippine banking laws require the Bangko Sentral to keep all records of all Monetary Board meetings. Urban Bank alleges that the meeting held regarding the fate of Urban Bank was not even recorded, and that no transcripts of the meeting were made.|}
See also
- BancNet
- List of banks in the Philippines
External links
- Banco Filipino
- Philippine Stock Market Authority Finance Manila
- Philippine Stock Market Forum of Finance Manila