EDITORIAL - 150 years of banking history

Today the National Historical Institute will unveil a marker in Makati City. The marker won’t be a tribute to a hero or a people power revolt, but it will honor an institution that has made its mark in the nation’s history. The Bank of the Philippine Islands, the oldest bank in the country and in Southeast Asia, celebrates its 150th year today. The BPI marker that will be unveiled in front of the bank’s corporate headquarters on Ayala Avenue will not only mark a milestone but celebrate a tradition of trail-blazing and excellence.

BPI started as El Banco Español-Filipino de Isabel 2 on Aug. 1, 1851 at the customhouse in Intramuros. On May 1, 1852, it issued the first bank note called "pesos fuertes" in the Philippines. The bank took on a role as an engine for economic growth, financing the country’s first street railway system or tranvia, telephone system, electric utility and steamship service. In 1897, even as the Philippine revolution against Spain raged, the bank opened its first branch in Iloilo.

The bank lost its character as a Spanish public bank in 1898, when Spain ceded the Philippines to the United States. In 1912, the bank was renamed the Bank of the Philippine Islands. Over the years BPI continued its pioneering role. In 1978, the BPI Foundation was set up for the bank’s social responsibility programs – the first of its kind among Philippine banks. Three years later the bank installed the first automated teller machine or ATM, which continues to set the standard in electronic and convenience banking.

In recent years BPI has launched other major breakthroughs, among them the issuance of the first debit card with the Express Payment System, telephone banking with the Express Phone, 24-hour electronic banking through the Express Teller, offsite banking with the Express Banking Centers, and bills payment with the Check-Free Payment Facility.

Recognizing fast-paced developments in information technology, BPI has also set up Internet-based operating platforms such as the BPI ExpressLink, BPI Express Online, BPI ExpressBills and BPI Trade. On its 150th year, this trendsetter in banking continues to be a model for customer service, innovation and commitment to the nation’s progress.