TRIVIA: Today in Philippine History - 3rd day of January - PH Trending

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Tuesday, 3 January 2017

TRIVIA: Today in Philippine History - 3rd day of January

On this day of the year 1934, Malacanang reports surplus of P490,903, first since 1930.

TRIVIA II: On the same day in the year 1942 Mayor Jorge Vargas surrenders Manila to Gen. Masaharu Homma.

TRIVIA III: On this day of 1949, Central Bank was inaugurated to maintain the peso's stability, issue currency and regulate banking.

The first governor of the bank is Hon. Miguel Cuaderno. Sr.

Shortly after President Manuel Roxas assumed office in 1946, Finance Secretary Miguel Cuaderno, Sr. was instructed to draw up a charter for a central bank. The establishment of a monetary authority became imperative a year later as a result of the findings of the Joint Philippine-American Finance Commission chaired by Cuaderno. The Commission, which studied Philippine financial, monetary, and fiscal problems in 1947, recommended a shift from the dollar exchange standard to a managed currency system. A central bank was necessary to implement the proposed shift to the new system. (kahimyang)
Central Bank of the Philippines seal of 1949-1978.

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