Philtrust Bank
Encyclopedia
Philtrust Bank formally known as the Philippine Trust Company, is one of the oldest private commercial bank
s in the Philippines
. Founded on October 16, 1916, its history parallels the growth of the Philippine banking system. It is the third bank to be established in the Philippines, after Banco Español-Filipino
and Philippine National Bank
Its principal activities remain in commercial and investment banking services. Philtrust offers domestic, international and trust services. Its domestic services offered are: saving
s, checking and time
deposits, money market
placements, business loans, remittances, fund transfer, safety deposit services and securities investments. International transactions include: traveler's cheque
, foreign exchange
, Foreign Currency Deposit Unit transactions, commercial letters of credit, international remittances and collections. They also provide investment management, estate
administration, escrow
services, administration of savings, insurance
and pension plans, stock
registry and transfer services.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
s in the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
. Founded on October 16, 1916, its history parallels the growth of the Philippine banking system. It is the third bank to be established in the Philippines, after Banco Español-Filipino
Bank of the Philippine Islands
Bank of the Philippine Islands is the oldest bank in the Philippines still in operation and is the country's third largest bank in terms of assets, the country's largest bank in terms of market capitalization, and the country's most profitable bank...
and Philippine National Bank
Philippine National Bank
The Philippine National Bank is one of the largest banks in the Philippines, ranking fourth in terms of assets...
Its principal activities remain in commercial and investment banking services. Philtrust offers domestic, international and trust services. Its domestic services offered are: saving
Savings account
Savings accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return...
s, checking and time
Time deposit
A time deposit is a money deposit at a banking institution that cannot be withdrawn for a certain "term" or period of time...
deposits, money market
Money market
The money market is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames. Trading in the money markets involves Treasury bills, commercial paper, bankers' acceptances, certificates of deposit,...
placements, business loans, remittances, fund transfer, safety deposit services and securities investments. International transactions include: traveler's cheque
Traveler's cheque
A traveler's cheque is a preprinted, fixed-amount cheque designed to allow the person signing it to make an unconditional payment to someone else as a result of having paid the issuer for that privilege.- Usage :As traveler's cheques can usually be replaced if lost or stolen A traveler's cheque...
, foreign exchange
Foreign exchange market
The foreign exchange market is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends...
, Foreign Currency Deposit Unit transactions, commercial letters of credit, international remittances and collections. They also provide investment management, estate
Estate (law)
An estate is the net worth of a person at any point in time. It is the sum of a person's assets - legal rights, interests and entitlements to property of any kind - less all liabilities at that time. The issue is of special legal significance on a question of bankruptcy and death of the person...
administration, escrow
Escrow
An escrow is:* an arrangement made under contractual provisions between transacting parties, whereby an independent trusted third party receives and disburses money and/or documents for the transacting parties, with the timing of such disbursement by the third party dependent on the fulfillment of...
services, administration of savings, insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
and pension plans, stock
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
registry and transfer services.
Ownership
- Philtrust Realty Corporation: 26.90%
- Seabreeze Enterprises: 19.47%
- U.S. Automotive: 19.38%
- Orient Enterprises: 18.48%
- Others (includes public stock): 15.77%