Penman for Monday, January 3, 2021
THERE’S A charm and a mystery to old Manila’s Binondo district that even casual passersby can’t miss, an appeal compounded of centuries of history, commerce, and the daily lives of one of the country’s most industrious and yet also least understood communities, the Chinese Filipinos (the usage Teresita Ang See advocates over “Filipino Chinese,” given that the second term denotes their political and geographical home).
Having been established in 1594 by the Spanish as a settlement for Catholic Chinese, Binondo (among other contiguous districts) became the world’s oldest Chinatown, evolving down the centuries into one of Manila’s most thriving business centers and choicest real estate locations. Here, all within hailing distance of the 425-year-old Binondo Church, hardware shops selling everything from portable generators and electrical equipment to automotive spare parts and screws of all sizes stand cheek-by-jowl with seafood restaurants and, inevitably, banks.
One of those banks has been an economic and cultural landmark not just in Chinatown but in the country’s history for a century now, and the restoration of its old Binondo headquarters is a fitting capstone to the bank’s centennial celebration.
The bank is none other than China Bank, which set up shop in 1920 in the same general neighborhood—at No. 90 Calle Rosario (now Quintin Paredes St.). It didn’t take too long before the bank realized that it needed more space for its growing business, and by 1924, it had moved into its newly built, five-story (later extended to seven) building at the corner of Juan Luna and Dasmariñas streets. It had been designed by the German architect Arthur Julius Niclaus Gabler Gumbert in the Neoclassical style then in vogue, with Beaux-Arts touches. Later known as the Binondo Business Center, the building served as the bank’s head office until 1969, when China Bank moved its key operations to Makati.
No one could have walked up to that building pre-war and remained unimpressed. It was the physical manifestation of China Bank’s high ambitions, but grounded in the realities and challenges of operating in an environment that in some ways remained suspicious of if not hostile to Chinese businessmen. The young visionary Dee C. Chuan, already a lumber magnate in his twenties, was quoted to have said around 1911 that “Many Chinese known by their countrymen to be worth half a million pesos are unable to get credit from the present banks.”
The answer was to form China Bank, with the help of such highly respected co-founders as Guillermo Cu Unjieng, Carlos Palanca, and Albino SyCip; it was to be a bank that would combine Eastern values with Western banking know-how and cater to the underserved community of Chinese businessmen and entrepreneurs in the Philippines, many of whom would move on to be become taipans in their own right. And from early on, through the Depression and the Second World War, the bank relied on its close relationship with its clients—among whom xinyong or word of honor was paramountly important—to retain their business, paying off its obligations even when other banks had defaulted on theirs. A century later, China Bank has moved far beyond its Chinese-Filipino niche market to serve a much broader public, achieving its target milestones of P1 trillion in assets and P100 billion in capital by the end of 2020.
But the bank didn’t want to celebrate its centennial just by counting its money. According to China Bank SVP and Centennial Committee chairman Alex C. Escucha, as early as 2016, the bank’s leadership under its chairman Hans Sy had already decided that the restoration of the old Binondo headquarters would be the centerpiece of their centennial.
Not only would the building undergo a thorough and historically authentic renovation led by Architect Manuel Noche, former secretary of the Heritage Conservation Society; a bank museum would also be built, curated by Marian Pastor Roces, for the public to appreciate the business and culture of banking through memorabilia, art, and mementoes. Sonia Olivares Santiago & Associates and Maja Olivares-Co would work on the contemporary design aspects of the Binondo branch. This was realized last December 21 with the unveiling of two historical markers for the restored Binondo Heritage Center and the China Bank Museum by the National Museum and the National Historical Commission of the Philippines.
The bank also published a comprehensive coffee table book, 100 Years of Trust: The China Bank Story, a substantially new version of its 90th-anniversary book written by the late Raul Rodrigo, updated by his wife Nancy Pe Rodrigo; edited by me, with the invaluable assistance of Alex Escucha (the bank’s encyclopedic institutional memory), Ann Ducanes, and Hershey Villegas, among others; and handsomely designed and produced by Perez NuMedia.
But it’s the Binondo Heritage and Restoration Project that the general public will likely appreciate the most, because it visibly connects past with present and shows the way forward for institutions with similar forms of heritage to protect. At a time when cultural treasures and landmarks are being demolished wholesale to make way for new malls and condos, China Bank proves that history can be a continuing concern (in all its decades of operation, the Binondo office never stopped being a bank). What’s needed is vision and commitment, which China Bank Chairman Hans Sy and President William Whang have proven to have in abundance.