The correct answer to this open question is the following.
The short Explain the history of the banking system in the Philippines is the following.
We can begin the history of the banking system in the 1500s when some religious Spanish congregations arrived at the Philipines to evangelize and colonize the territory.
We could say that after some loan houses, the first truly bank institution was the Spanish Bank or Banco Filipino de España, created around the 1850s. It was located in Manila, the most important city of the Philipines.
Some European financial institutions tried to enter the Philippines at the end of the 1800s.
The Bank of the Philippines started operations in 1912 as a more solid financial institution. In 1916, another financial institution appeared: the National Bank of the Philippines.
On January 3, 1949, the Philippines has its first central bank that helped to regulate the entire monetary and financial system on the island.
A reformation of the Philippine legislation allowed the modernization of the new Central Bank on July 3, 1993.
Today the banks in the Philippines have rural and cooperative banks, commercial banks, and thrift banks. Among the most important banks in the Philippines, we find the Banco de Oro, Land Bank of the Philippines, and the Metropolitan Bank and Trust.