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The East–West Economic corridor is an economic development program initiated in order to promote development and integration of 5 Southeast Asian countries, namely: Myanmar, Thailand, Laos, Cambodia and Vietnam. The concept was agreed upon in 1998 at the Ministerial Conference of the Greater Mekong Subregion, organized in Manila, the Philippines.
The Metropolitan Bank & Trust Company [a] (PSE: MBT, also known in Hokkien Chinese: 首都銀行; Pe̍h-ōe-jī: Siú-to͘ Gûn-hâng; & Mandarin simplified Chinese: 首都银行; traditional Chinese: 首都銀行; pinyin: Shǒudū Yínháng), [4] commonly known as Metrobank, is the third largest bank in the Philippines in terms of total assets. [5]
It was established on June 18, 1951, as Security Bank and Trust Company and was the first private and Filipino-controlled bank of the post-World War II period. Security Bank was publicly listed with the Philippine Stock Exchange in 1995 (PSE: SECB). The Bank's major businesses include retail, commercial and corporate banking, and financial markets.
The bank was established by Alfonso Yuchengco on September 23, 1960, as Rizal Development Bank, a small development bank in Rizal province. [13] It was later upgraded to a commercial bank upon the approval of the Bangko Sentral ng Pilipinas and, in 1963, began operation as such under its present name Rizal Commercial Banking Corporation ( RCBC ).
Other banks include Veterans Bank, One Network Bank, Asian United Bank, PSBank, Bukidnon Cooperative Bank, Enterprise Bank, Dumaguete City Development Bank, Rizal Microbank, EastWest Rural Bank, Bank of Makati, and Banco Dipolog. In 2013, the city had a total generated income of PHP667,728,494.
In June 2011, the Philippines began officially referring to parts of the South China Sea as the "West Philippine Sea" and the Reed Bank as "Recto Bank". [110] [111] In July 2012, the National Assembly of Vietnam passed a law demarcating Vietnamese sea borders to include the Spratly and Paracel Islands. [112] [113]
The history of banking began with the first prototype banks, that is, the merchants of the world, who gave grain loans to farmers and traders who carried goods between cities.
The Benham Rise, formally designated as Philippine Rise by the Philippine government, is an extinct volcanic ridge located in the Philippine Sea approximately 250 kilometers (160 mi) east of the northern coastline of Dinapigue, Isabela.