Iloilo - always a business center
Iloilo, at present, is the business center of the Visayas. It has the greatest number of banks outside of Manila - more than 150 banks. A great amount of deposits in these banks come from the agricultural sector since Iloilo is primarily agricultural land chiefly producing rice earning it the name "rice granary of the Philippines."
Nationally, it is also top producer of fruits especially mango, coconut, sugar and livestock (poultry, cattle, goats). It is also top in deep sea fishing with Estancia as the center dubbed long ago as the "Alaska of the Philippines" and inland fishing producing milkfish - the most delicious in the country and lukon (tiger prawn).
On top of these, West Visayans comprise forty percent of all Filipino overseas workers and merchant seamen and contribute much to these bank deposits. It is reported that every month, Filipino overseas workers and seamen send P1 billion to the Philippines. So you can just imagine the amount of money being sent to Iloilo by Ilonggos working abroad and aboard foreign vessels.
But it is not only today that Iloilo is a business center. It goes back to time immemorial. When the ten Bornean datus bartered Panay with the aboriginal Atis that was the first real estate transaction ever in our country - and also the biggest covering the entire island of Panay.
The Malays established ancient ports in Iloilo - Salog (Jaro), Molo (Tabucan), Ogtong (Oton), Araut (Dumangas) and Gibuangan (Guimbal). To these ports, the ancient Chinese junks traded with the natives. Evidence of this ancient trade relations can be found in archaeological diggings in the province showing Chinese porcelain of the imperial Ming and Tsung dynasties.
When the Spaniards came, they made Iloilo an international port in 1855 thus enhancing trade. In 1858, an English visitor (Sir Bowring) described Iloilo as "the largest in agricultural production, the most active in manufacturing (weaving) and the best instructed among the provinces."
During this time, the first foreign firm ever established in the Philippines outside of Manila was Loney & Company in 1865 of British vice consul to Iloilo Sir Nicholas Loney. This was followed by several foreign firms (British, American, German, Swiss, French and Chinese).
The first provincial branches of banks in the country were also in Iloilo - Chartered Bank of India, Australia and China (now Standard Chartered Bank) in 1883, Hong Kong and Shanghai Bank in 1897 and El Banco Español de Isabella II (now Bank of the Philippine Islands), also in 1897.
In 1887, Hoskyn's and Company of the Lorings established the first department store in the Far East and the first to introduce the "fixed price policy".
During the American regime, Iloilo City was dubbed as the Queen City of the South because of its rapid economic progress. This was due to the prosperous sugar industry in Negros where most of the hacenderos were from Iloilo, particularly Molo and Jaro.