Banco Filipino - History

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 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 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 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.