Affiliated with the family firm Ayala y Compania
The Bank of the Philippine Islands is the nation’s largest and oldest bank, and one of the oldest of all Asian banks. It offers a full range of commercial and retail financial services, including corporate finance services, asset management and brokerage services. Its network includes branches in the principal cities of the Philippines.
The history of Bank of the Philippine Islands dates to 1851, when Governor Antonio de Urbiztondo y Eguia established El Banco Iberico Filipino de Isabel II; it was housed in the Royal Custom House in Intramuros. A member of the bank’s policy board was Don Antonio de Alaya, and the Alaya family has directed the bank’s growth in the decades since its founding. As the first and only public bank in the Philippines El Banco Iberico Filipino de Isabel II was granted in 1852 the authority to issue the first paper money in the Philippines. Over the years the firm has changed its name – in 1869 it became known as the Banco Iberico Filipino, but with independence the current style was adopted in 1902.
The bank has played a prominent role in financing the development of the Philippines, including financing the nation’s first railroad, its telephone network, its electric utilities and the country’s first steamship service. By 1912 branches had been established in Iloilo, Cebu City, Davao, Zamboanga and Tarlac, and the network has expanded steadily since.