Talk:Banco Filipino

closed or not?
so is it foreclosed or not? the first sentence in the opening paragraph should read "was" instead of "is" if it has been shut down. — Preceding unsigned comment added by 111.68.59.71 (talk) 07:32, 8 November 2011 (UTC)

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.

Ownership
X
 * 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:

I've moved the above here, because it has been unreferenced since 2008. Raykyogrou0 ( Talk ) 10:49, 14 January 2014 (UTC)