Philtrust Bank

Philippine Trust Company (Philtrust Bank), established on October 21, 1916, is one of the oldest private banks in the Philippines, starting with an authorized capital of ₱1 million. Its first office was located at Calle T. Pinpin, Escolta, Manila. The initial Board of Directors included Phil C. Whitaker as president for over six years. Committed to community service, Philtrust Bank was the first to offer estate administration and guardianship services. Post-World War I, it was engaged by the U.S. Veterans Administration for guardianship services and became a depository for the U.S. Armed Forces. The bank's trust business flourished, declaring its first cash dividends in 1919, and expanding operations to savings and commercial banking that same year. By September 1920, it relocated near Sta. Cruz Catholic Church, attracting notable depositors like Manuel L. Quezon and Jose C. Zulueta. Philtrust Bank became a leader in banking through conservative policies and a focus on minimizing risk for clients. After World War II, the government supported the bank with financial aid, increasing its authorized capital to ₱3 million and paid-up capital to ₱2 million.