can
pull
together
B.
Institutional
The
to
institutional
of
the•RFMs
framework It
the
various
programs.
Framework
workings
system.
i_nplelaent
may
is
very
operating
be
much
in
worthwhile
to
conditioned
the
by
Philippine
review
•this
the
financial institutional
framework.
Before several
the
banks
Table
had
IV.2).
notes.
. establishment already
Some
Note
of
that
of
been
them
only
Central
operating
were
few
the
in
the
authorized
of
them
Bank
to
were
in
1949,
country issue
(see
currency
Filipino-owned
or
government-owned.
Almost of
all
course°
colony,
a
like
tradables
banks
concentrated
familiar the
were
feature
Philippines.
agricultural
tobacco
and
helped
promote
agriculture.
did
do
to
not
As made
copra,
much
early
several
•as
government-owned
1908
(Lirio
secured
it
the
[1986]).
agricultural
banking
To
the
extent
products,
the
to First
of
their
develop
loans.
164
as
that
20th the
most
Bank
deposits,
is,
in
any
of
the
banks
_ugar,
indirectly in
Manila
markets.•
century, rural
This
abaca,
concentration
financial
Agricultural
•It accepted
said
system that
such
be
rural
the
financing.
the
But
turn
trade
of
•can therefore
develop
attempts
The
in
the
• financial
government markets.
was
_established
in
but
specialized
in