6th April 1828

Ferdinand VII King of Spain establishes the first bank in the Philippines

On 6th April 1828, King of Spain, Ferdinand VII, issued a decree to establish the first public bank in the Philippines to meet the requirements of increased trade in the Philippines.

The bank is now the Bank of the Philippine Islands, its original name was El Banco Español Filipino de Isabel 2 named after the daughter of King Ferdinand VII, Queen Isabela II.

Not only was it the first bank in the Philippines it was also the first bank in South-east Asia.

The royal decree also gave the bank the power to print Philippine currency.

The first Philippine pesos printed were originally called pesos fuertes or strong pesos.

First printed on May 1, 1852, they were redeemable at face value for gold or silver Mexican coins. Before 1852, a multitude of currencies were used, most notably the Mexican peso.