HISTORY OF BANGKO SENTRAL NG PILIPINAS (BSP)

1900 Act No. 52 was passed by the First Philippine Commission placing all banks under the
Bureau of Treasury.
1929 The Bureau of Banking under the Department of Finance took over the task of banking
supervision on Friday.
1933 A group of Filipinos had conceptualized a central bank for the Philippines after a careful
study of the economic provisions of the Hare-Hawes Cutting bill, the Philippine
independence bill approved by the US Congress.
1939 The Philippine legislature passed a law establishing a central bank, as required by the
Tydings-McDuffie Act. However, President Franklin D. Roosevelt disapproved it due to
strong opposition from vested interests.
1944 A second law was passed during the Japanese occupation, but the arrival of the American
liberalization forces aborted its implementation.
1946 After President Manuel Roxas assumed office, he instructed then Finance Secretary Miguel
Cuaderno, Sr. to draw up a charter for a central bank. The charter of the Central Bank of
Guatemala was chosen as the model of the proposed central bank charter.
1947 The establishment of a monetary authority became imperative because of the findings of
the Joint Philippine-American Finance Commission chaired by Mr. Cuaderno.
1948 The Central Bank Council, which was created by President Manuel Roxas to prepare the
charter of a proposed monetary authority, submitted a draft to the Congress in February.
1948 By 15 June, the newly-proclaimed President Elpidio Quirino, who succeeded President
Roxas, affixed his signature on Republic Act No. 265, the Central Bank Act of 1948.
1949 On 3 January, the Central Bank of the Philippines (CBP) was inaugurated and formally
opened with Hon. Miguel Cuaderno, Sr. as the first governor.
1972 On 29 November, Presidential Decree No. 72 adopted the recommendations of the Joint
IMF-CB Banking Survey Commission. RA No. 265 was amended by Presidential Decree
No. 72 to make the CBP more responsive to changing economic conditions.
1993 In accordance with a provision in the 1987 Constitution, President Fidel V. Ramos signed
into law Republic Act No. 7653, the New Central Bank Act, on 14 June.
1993 On 3 July, the New Central Bank Act took effect. The Bangko Sentral ng Pilipinas (BSP)
was established to replace the CBP as the country’s central monetary authority.
 HISTORY OF WESTPAC (AUSTRALIAN BANK)

1817 Governor Lachlan Macquarie founded the Bank of New South Wales. He commissioned
seven directors to manage the bank.
1861 Thomas Buckland, member and overall Manager of the Board, established Buckland Fund
with his £1000 bonus to help employees experiencing financial hardship. It then evolved into
Westpac Foundation, a charitable trust.
1898 First female employee hired
1931 Alfred Davidson became General Manager in 1929 and during this time, the Bank emerged
as a national leader through its push for a more realistically valued currency - leading
an Australian recovery during the Great Depression.
1980 First major Australian bank to introduce ATMs
1982 Bank of New South Wakes merged with the Commercial Bank of Australia to form Westpac
Banking Corporation.
1985 Westpac was the first bank in the world to launch electronic banking using debit and
credit from cheque or savings accounts through its Handyway and Handybank
service.
2001 Westpac acquired BT Financial Group
2008 Westpac and St. George Bank merged after a vote.
2008 Westpac acquired RAMS and BankSA (both part of the St. George Group).
2011 Westpac’s Davidson Institute was established. Westpac became the first Australian
bank to offer accredited financial education to customers and the community.
2015 Brian Hartzer was appointed as CEO.
2017 Westpac celebrated 200 years of service.