While some Filipinos think that the Bank of the Philippine Islands (Banco de las Islas Filipinas, commonly known as BPI) is the first bank in the Philippines, it was not. BPI was founded on August 1, 1851, during the Spanish colonial era of the Philippines. It was called “El Banco Español Filipino de Isabel II, named after the Queen of Spain, Isabella II, the daughter of King Ferdinand VII.

The first bank founded by a Filipino was the Rodriguez Bank, circa 1831. Francisco Rodriguez was quite a wealthy man living in Manila when in 1823, he was wrongly accused of being involved in a local conspiracy spearheaded by three Mexican-born Spanish army officers in the islands. These officers were charged with harboring rebellious motives due both to Mexico’s new status as an independent…