Philippines

IBC established a branch in Cebu.

The Manila branch moved to Plaza Moraga near Escolta Street.

The Manila branch moved to the fifth floor of the old Masonic temple on Calle Escolta to accommodate expanding staff.

The Manila and Cebu branches became branches of the National City Bank of New York.

Manila branch closed during World War II. Microfilmed copies of paper records had been removed from the country by submarine.

First National City Bank co-founded Pearl Award of the Bank Administration Institute of the Philippines (BAIPHIL) with six other organizations to promote research and education in the Philippines banking community.

International Banking Corporation (IBC) opened a branch in Manila1 located at Carlos Palanca at 86 Rosario Street.

A second branch in Cebu opened.

Clark Field branch opened.

Manila’s Port Area branch opened.

Citibank was the head of a syndicate of ten U.S. banks who agreed to assist in the financing of the purchase by a Philippine corporation of all the holdings and investments of General Public Utility Corporation of New York in the Manila Electric Company of the Philippines.

Established FNCB Finance Incorporated, a finance company in the Philippines.

Following typhoon Yoling, which hit Manila as well as neighboring cities and towns, FNCB Finance (Citibank’s consumer loan affiliate) announced through the metropolitan newspaper that home-repair loans would be available at reduced rates with extended repayment periods. A task force was organized to handle the processing of applications and the payout of approved loans. Staff completed this work through difficult work conditions without electricity or water but were able to approve most loans within 24 hours of receipt of complete documentation. By the end of January 1971, the finance company had helped 455 homeowners in the greater Manila area.

The Port Area branch was closed and moved to Makat.

First National City Bank sponsored a community development project at Barrio Makabling outside of Manila to improve rice output and diversify vegetable gardens while providing medical care and vocational training for the 316 families.

Citicorp financed a barter deal between the Philippines and Singapore which provided export credits on both sides of the transaction.

The Port Area branch in Manila relocated to new premises known as the Makati branch at 319 Buendia Ext Makati, Rizal.

Cebu branch relocated to Cebu Stock Exchange Building (CSE) on D. Jakosalem Street.

The Clark Air Base branch was closed temporarily due to a typhoon.

Citibank Manila participated in syndicated loans to expand pulp and paper mill facilities at the Paper Industries Corporation of the Philippines in Bilsig, Surigao del Sur, which supplied all the newsprint requirements of the Philippines and 75% of its kraft paper demands.

Citicorp Investment Philippines, a new merchant banking affiliate, began operations in Manila as a joint venture involving First National City Overseas Investment Corporation and three local partners. Services offered included securities underwriting and dealership, money market placements and loans, financial consulting, and investment advisory services.

Citibank transferred its Manila banking operations to a newly constructed, 18- story headquarters called Citibank Center.

Citibank’s Juna Lina branch closed and transferred to the Greenhills Commercial Center.

Philippine National Bank (PNB) became the first Philippines bank to use CitiCash manager (CCM).

Citibank financed the first unit of the first geothermal plant in the Philippines.

Citibank began offering a service called CitiFlash, which transmitted a letter of credit application from the customer’s office to the local banking branch for processing. It also sent a customer’s balances back through the system. This competitive service beat sending paper through the local mail and was faster than a messenger.

Citibank led a syndicate of banks in raising 600 million pesos for an expansion project of the Philippine Long Distance Telephone Company and contributed 150 million pesos.

Citicorp Insurer’s Group (CIG), the first private insurance pool in the Philippines and the first of its kind for Citibank worldwide, handled the insurance business in the Philippines. The pool consisted of 20 well-established Philippine non-life insurance companies that acted as coinsurers, underwriting properties mortgaged by Citibank to its clients.

Citibank Philippines offered Citicard to peso account holders.

Citicorp contributed to a new water supply for a village in the Philippines.

Citibank New York and Citibank Manila pledged $30,000 to the Asia Foundation to launch a Business Resource Center in Cebu City. The three-year commitment enabled small business owners in the Philippines to have access to financial assistance and basic managerial advice, conducted seminars for prospective borrowers, taught them to write a business plan and repay a business loan, and offered general business counsel. Through 1995, Citibank had provided $78,000 in funding.

Citibank celebrated their 88th anniversary in the Philippines by donating $7,000 to several nonprofit community projects for, among other things, buying hospital equipment and establishing a youth training camp.

Citibank Philippines introduced MasterCard, which became an international card in 1993.

Citibank donated $80,000 to three public elementary school buildings to help rehabilitated schools destroyed by a July 1990 earthquake.

Citibank Mastercard collaborated to raise almost $7,000 to help earthquake victims of the June 1991 Mt. Pinatubo eruptions, which buried whole villages in volcano ash and sand.

Portfolio Holdings, Inc. (Phinc), a subsidiary of Citibank Overseas Investment Corp. (COIC), was a legal firm created for equity/venture capital investments in the Philippines.

The Citibank Reforestation Program was created with the Department of Environment and Natural Resources (DENR) and the Boy Scouts of the Philippines with the intention of Citibank providing funding for the Boy Scouts to plant seedlings and the DENR to provide technical expertise and manage the program.

Financial Institutions and Transaction Services (FITS) Issuer Services and Citibank International Ltd. (Hong Kong) developed a US$360 million customized depositary receipt program for Philippine Long Distance Telephone Co. (PLDT), the Philippines largest telephone supplier.

Citibank Philippines led a $173 million syndicate providing pre-completion financing for the U.S. Eximbank portion of a $933 million, 700-megawatt coal-fired power plant in Pagbilao, Quezon. The project set several milestones as it was the biggest private-sector investment in the country, the first major private-sector voluntary financing since the Philippines returned to the international capital markets, and the first 24-hour, continuous-power plant built in the Philippines in the past 10 years.

Citibank Philippines offered Citicard to dollar-account customers so they could withdraw funds in local currencies worldwide, at competitive foreign-exchange rates, from ATMs.

Preferred Visa and MasterCard members in various countries including the Philippines were offered Citibank Preferred Passages, Asia’s premier frequent flier program.