Banco Filipino - Firsts

Firsts

In line with its corporate philosophy, which is personalized service, Banco Filipino is known for the following firsts:

• Open teller counters instead of the then-common glass-encased counter. Today, all banks have adopted the open teller counter concept.
• Plastic signs inside bank branches
• Acceptance of initial savings deposits that are as low as one peso
• The offering of capital stock to its depositors. Through that scheme, Banco Filipino depositors could in effect become bank co-owners
• Extended banking hours from Monday to Saturday, 8 am to 8 pm, 6 days a week, 12 hours a day
• Monthly and even daily (known as "Interest Araw-Araw") interest payments. Many commercial banks and some universal banks have since adopted the monthly interest payment scheme.
• Advance interest payments on time deposits.
• The offering of negotiable orders of withdrawal. At the time, savings banks were prohibited from issuing government securities.