Philippine Trust Company (PTC), also known as Philtrust Bank, was incorporated on October 21, 1916. On June 5, 2007, the Bangko Sentral ng Pilipinas granted PTC the authority to operate as a universal bank. PTC offers domestic, international and trust services through its branches located at key business centers in the Philippines. Domestic services include checking accounts, savings accounts, time deposits, money market placements, business loans, transfer of funds and collections, remittances, securities investments and safety deposit boxes. International transactions involve commercial letters of credit, collections and remittances, foreign exchange, traveler's checks and FCDU transactions. Trust operations consist of trust placement, investment management, estate administration/trustee of bond issues, savings and pension plan administration, insurance trust, and acting as escrow agent and stock registrar and transfer agent. PTC has a network of 45 branches, 35 of which are located in Metro Manila while 10 are in the provinces. The company is in the process of buying or leasing suitable locations in Metro Manila and in other cities and provinces for the opening of more branches to further augment its present network. PTC is giving greater emphasis to regional operations and financing of priority industries relevant to the needs of the country's growing economy. Source: SEC Form 17-A (2008)