The Hongkong and Shanghai Banking Corporation is a bank established in 1865 with a Head Office in Hongkong and branches were opened in Manila in 1875 and Iloilo in 1883, primarily to service the sugar business which was centered in the port of Iloilo.
Since then, the Bank has extended its operations all over the world and with assets exceeding £2,000,000,000, the Hongkong and Shanghai Banking Corporation can provide full banking facilities to meet domestic and international requirements.
Text from: Iloilo for the Businessman published by the International Chamber of Commerce Iloilo (1973). CPU Henry Luce III Library
Read also: List of Iloilo City Cultural Heritage Sites
Banking in Iloilo in the 70s
The banking system in Iloilo City provides an important repository for savings is an essential lender in many fields and the medium through which many commercial and financial transactions are settled. There are 14 commercial banks in Iloilo City, two of which are British banks serving the Philip- pines for almost a century, and four government-owned and controlled banks. The functions of commercial banks include receiving demand, savings and time deposits, checking accounts, commercial, industrial, agricultural, and consumer loans, import and export financing, commercial letters of credits, collection of drafts, checks, and so forth; travelers’ funds, foreign credit information, foreign exchange, international trade contacts and developments, custody of securities and commercial papers, charge account banking system,
etc.
Rural banks were first organized in Iloilo City in 1955 according to the provisions of Republic Act 720. On April 16, 1955, the Rural Bank of Iloilo City was registered and given an official certificate to operate. By the end of 1971, there were 23 rural banks throughout the 23 municipalities of Iloilo. The vital role of rural banks in generating credit and stimulating economic growth cannot be overstated. These out-of-town banks are destined to liberate small but progressive farmers from loan sharks and usurers.
Text from: Iloilo for the Businessman published by the International Chamber of Commerce Iloilo (1973). CPU Henry Luce III Library
