Banco Filipino Failure
“Banco Filipino”
(From Wikipedia, the free encyclopedia)
Banco Filipino Savings and Mortgage Bank
Type
Public (PSE: BF)
Industry
Finance and Insurance
Founded
Manila, Philippines (1964)
Headquarters
Makati, Philippines
Key people
Teodoro O. Arcenas, Jr., Chairman and President
Perfecto Yasay, Vice Chairman
Products
Financial Services
Revenue
P2.932 billion PHP (37%) (2001)[2]
Employees
unknown
Website
www.bancofilipino.com
Banco Filipino Savings and Mortgage Bank (PSE: BF), or simply Banco Filipino, was a savings and loan association based in the Philippines. It is also known for property developments such as BF Homes, subdivisions in Parañaque, Quezon City and Las Piñas. The Bangko Sentral ng Pilipinas (BSP) on March 17, 2011 ordered the closure of Banco Filipino Savings and Mortgage Bank and placed it under the receivership of state-run Philippine Deposit Insurance Corp. (PDIC), saying its liabilities topped its assets by P8.4 billion.[1]
History
Banco Filipino was established in 1964. 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
(From Wikipedia, the free encyclopedia)
Banco Filipino Savings and Mortgage Bank
Type
Public (PSE: BF)
Industry
Finance and Insurance
Founded
Manila, Philippines (1964)
Headquarters
Makati, Philippines
Key people
Teodoro O. Arcenas, Jr., Chairman and President
Perfecto Yasay, Vice Chairman
Products
Financial Services
Revenue
P2.932 billion PHP (37%) (2001)[2]
Employees
unknown
Website
www.bancofilipino.com
Banco Filipino Savings and Mortgage Bank (PSE: BF), or simply Banco Filipino, was a savings and loan association based in the Philippines. It is also known for property developments such as BF Homes, subdivisions in Parañaque, Quezon City and Las Piñas. The Bangko Sentral ng Pilipinas (BSP) on March 17, 2011 ordered the closure of Banco Filipino Savings and Mortgage Bank and placed it under the receivership of state-run Philippine Deposit Insurance Corp. (PDIC), saying its liabilities topped its assets by P8.4 billion.[1]
History
Banco Filipino was established in 1964. 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