BPI (Bank of the Philippine Islands) formerly Banco Espanol-Filipino: The Untold History

What is the untold history of BPI (Bank of the Philippine Islands) formerly known as Banco Espanol-Filipino?

First, let us have some background of BPI. Towards the end of this article, you will find out what is its secret history.

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https://en.wikipedia.org/wiki/Bank_of_the_Philippine_Islands


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Here are some of my recent findings, not as a professional historian, but as a curious individual.

These findings are based on commercial and legal documents whose original purposes were for documentation as required by law and contracts.

Yet, such documents are a very important source of history.

After all, history is sourced from documents, not the other way around.

Now, let us proceed to the untold history.

Here is what history books do not tell us. This origin is taken from a document. Remember, documents were not written for history. There were encoded and entered as transactions in the ordinary course of business on a day to day basis. Unlike history, documents do not make up angles or perspectives or interpretations.

One document, a certificate of land title, numbered OCT-01-4 which was created formally in 1764 (yes, it's that old), was preserved, and re-constituted, and re-created and re-registered whenever the land registration laws changed over the years, contains certain annotations at the back.

One such annotation is relevant to:

Treaty of Paris December 10, 1898 and Banco Espanol-Filipino (now known as Bank of hte Philippine Islands or BPI)

The annotation is dated Feb 7, 1898 with annotation number EDC-073  s-2-6-1898 signed by 

FERMIN JAUDENES Y ALVAREZ, Ad Interim Governor General Royal Crown of Spain

EDC-073 S-2-6 1898

Secured by this Title, OCT No. T-01-4, Hacienda Mabiga embracing the whole Province of Pampanga, Kuliat, the whole of Bamban and Capaz, Tarlac has mortgage to the Banco Español-Filipino, the sum of U.S. Dollar 20,000,000.00. to undertake the payment of secession treaty between Spain and American for the ceding of the archipelago by the Spanish Government to the American Government be eventually reverted to the real land owner, Don Esteban Benitez Tallano. Date of Document : February 2,1898 (Sgd) FERMIN JAUDENES Y ALVAREZ Ad Interim Governor General Royal Crown of Spain

February 7, 1898

What does the above transactional annotation document in the land title OCT-01-4 tell us?

It tells us what history books have failed to capture.

1. A parcel of land referred to a Hacienda Mabiga had been mortgaged.

2. Hacienda Mabiga is secured by title OCT No. T-01-4.

3. Hacienda Mabiga embraces the whole Province of Pampanga, Kuliat, the whole of Bamban and Capaz, Tarlac.

4. Haciend Mabiga was mortgaged to Banco Espanol-Filipino 

(now known as Bank of the Philippine Islands or BPI).

5. The principal loan amount was US$20 million.

6. The annotation specifically mentions the purpose of the loan:  to undertake the payment of secession treaty between Spain and American for the ceding of the archipelago by the Spanish Government to the American Government.

7. A specific condition was imposed: be eventually reverted to the real land owner, Don Esteban Benitez Tallano.

8. The mortgage document was dated February 2, 1898.

9.  The real owner is Don Esteban Benitez Tallano.

10. This title was OCT No. T-01-4.

11. The annotation was signed by FERMIN JAUDENES Y ALVAREZ, Ad Interim Governor General Royal Crown of Spain.

12. The United States did not use its own money.

13. The money came from private persons, specifically the OCT No. T-01-4 owned Don Esteban Benitez Tallano, the heir of Prince Lacan

14. The Spaniards knew before December 10, 1898 that the money was already available

15. The money came from Banco Espanol-Filipino (now known as Bank of the Philippine Islands or BPI).

16. The sitting Spanish Governor General himself signed the annotation, further ensuring Spain that the money is available.

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As you have noticed, the annotations and the history accounts dovetail in agreement.

This is what the history books failed to capture, but in reality was documented not by a historian, but by an officer who was doing his work in the ordinary course of business on day to day basis.

And this is a validation, once again, of the existence, the validity, and the authenticity of Torrens Title OCT-01-4 issued in favor of

"Prince Lacan Acuña Tallano Tagean (formerly Tagean Clan), married with Princess Rowena Ma. Elizabeth Overbeck Macleod of Austria, the owner in Fee simple of certain lands, known as HACIENDA FILIPINA" (email me to get a scanned copy of the title issued by the register of deeds) Note: The early transcriptions were in Spanish but the government had its translated into English through the efforts of then Solicitor General Felix Makasiar under Pres. Diosdado Macapagal (who later become Chief Justice under Marcos). Therefore, the government itself has consistently recognized the validity and the authenticity of OCT 01-4. History from original source documents! What a refreshing perspective!