by PNA
On November 11, 1941, Manuel L. Quezon and Sergio Osmena were reelected president and vice president, respectively, of the Second Philippine Commonwealth.
However, they both did not serve their terms from 1942 to 1945 due to the outbreak of World War II and the occupation of the Philippines by Japan.
During the Japanese time, it was Jose P. Laurel who was appointed as president of the so-called Japanese-sponsored Philippine Republic in 1943.
Thus, from 1943 to 1945, the Philippines had two presidents as Quezon, who died on August 1, 1944 due to tuberculosis, was replaced by Osmena.
Prior to that, on November 15, 1935, the First Commonwealth of the Philippines was inaugurated with Quezon as president and Osmena as vice president.
Also on this same date in 1875, the Hongkong and Shanghai Banking Corporation Limited (HSBC) established its first branch in Binondo, Manila, thus becoming the first foreign bank in the Philippines.
In 1883, a second branch was opened in Iloilo to serve the growing sugar industry.
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