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This article contains content that is written like an advertisement. Bank of the Philippine Islands logo. Spain, Isabella II, the daughter of King Ferdinand VII. It was the second Philippine bank during the Spanish era after a bank was founded by Francisco Rodriguez, a Filipino Quaker based in London, in 1830. 1851, a multitude of currencies were used, most notably the Mexican peso. On September 3, 1869, following a revolution which overthrew Isabella II, the name was changed to Banco Español-Filipino.
In January 1892, the bank moved from the Royal Custom House in Intramuros to the new business district of Binondo after it found out that Intramuros was becoming “economically inactive”. The first branch of Banco Español-Filipino outside Manila was opened in Iloilo City on March 15, 1897. However, the idea to set up branches outside Manila was formulated as far back as the 1850s, with the first branch planned to be opened in Bacolor, the capital of Pampanga at the time. Following the cession of the Philippines to the United States following the signing of the 1898 Treaty of Paris, the bank changed from a Spanish institution to a Philippine one.
Following World War II, BPI was actively involved in the post-war reconstruction of the Philippines. BPI lost the right to issue Philippine pesos, a right it had since the Spanish colonial era and during the American colonial period. In December 31, 1969, Ayala Corporation, which had been affiliated with BPI since its establishment in 1851, became the dominant shareholder of BPI, and eventually made BPI into the flagship of Ayala’s financial entities. Starting in the 1970s, BPI has been involved with many mergers and acquisitions.
The first merger occurred in 1974 with BPI’s acquisition of the People’s Bank and Trust Company. In 1982, BPI became a universal bank, and in 2000, became the Philippines’ first bank assurance firm, being the first Philippine bank to offer insurance services after acquiring the insurance companies of the Ayala Corporation, the parent company of the Ayala Corporation. Within that year, BPI also founded the BPI Direct Savings Bank, an Internet bank, which launched BPI into 21st century banking. On February 14, 1986, BPI established its own interbank network, Expressnet. In October 2015, BPI launched the “Make the Best Things Happen” campaign, which empowers Filipinos to make the best of their life happen by providing innovative and accessible financial solutions. On the morning of June 7, 2017, a data processing glitch affected BPI clients making their account balances incorrect. Some clients had either a negative balance or an increased amount of money in their account.