—The First Philippine Commission enacted Act No. 52, placing all banks under the supervision of the Bureau of the Treasury. The Insular Treasurer was granted authority over bank supervision and examination.—The Bureau of Banking under the Department of Finance assumes responsibility for banking supervision.
—President Elpidio Quirino enacted the bill as Republic Act No. 265 —The Central Bank of the Philippines was officially inaugurated with Miguel P. Cuaderno, Sr. as its first governor, operating under the broad policy objectives of RA No. 265 to promote economic development and maintain monetary stability.—Presidential Decree No. 72 amended RA No. 265, enhancing the CBP’s role in maintaining monetary stability and expanding its regulatory authority over the financial system.
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