Hi-Stat Discussion Paper Research Unit for Statistical and Empirical Analysis in Social Sciences (Hi-Stat) Hi-Stat Institute of Economic Research Hitotsubashi University 2-1 Naka, Kunitatchi Tokyo, 186-8601 Japan http://gcoe.ier.hit-u.ac.jp Global COE Hi-Stat Discussion Paper Series Research Unit for Statistical and Empirical Analysis in Social Sciences (Hi-Stat) December 2011 The Emergence of Modern Banking System in the Philippines during the American Colonial Period Yoshiko Nagano 213