Philtrust Philippine Trust Company : Products
PHILTRUST BANK, also known as the Philippine Trust Company, is the first institution to engage in the trust business under Philippine law. It started operations on October 21, 1916.Its organization was the result of an increasing number of estates needing administration, minor heirs requiring guardianship services and other estates which needed trusteeship relations, of which there was none in existence at the time. Trust accounts also involved receiverships, assigneeships, custodian of wills and estates under court appointed or private administration. Essentially, therefore, the fiduciary role was the guiding light of the new company. Banking is indeed vested with public trust and confidence and the relationship between bank and client must remain deeply rooted thereon. Hence, even in its humble beginnings, the Philippine Trust Company anchored its hopes for greater service to the community on its commitment to trust and confidence.The Trust Company started with Php1 million authorized capital, of which Php500,000.00 was paid up. Its office was located at Calle T. Pinpin on Escolta.The first Board of Directors of the Company was composed of Phil C. Whitaker, Otto Vorster, Charles Ayton, Julius S. Reis, Thomas L. Hartigan, William J. O'Donovan and W. H. Lawrence, the last three being prominent practicing lawyers at the time, Whitaker was elected president and served as such for more than six years.As a result of the increasing recognition by the public of the convenience and practicability of the services of a trust Institution, the business of the Company expanded. After the end of World War I, the Office of the United States Veterans Administration, then known as the Veterans Bureau, engaged Philippine Trust Company to handle guardianships of deceased Veteran's children. Agencies were subsequently opened in Fort Mills, Corregidor and Fort Stotsenberg in Pampanga. The Philippine Trust became the depository of the United States Armed Forces in the Philippines. It is a distinction of Philtrust to have served as depository to General Douglas MacArthur, to the lowest private of the U.S. Army stationed in the Philippines and to the Philippine Scouts.
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