and by other investors. The Banco Español Filipino de Isabel II began operations in 1852 with a capital of 400,000 pesos. Madrid expected the bank to serve as a powerful stimulus for the vigorous development of agriculture and the crafts, but it limited itself to the familiar field of commercial banking in Manila. ("An economic history of the Philippines", Onofre Dizon Corpuz, Quezon, 1997: 176)

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