Obrias Pias used to be a charitable foundation.
Initially founded as a charitable foundation, the Obras Pias was created during the Spanish period in the Philippines. The words 'Obras Pias' is actually directly translated to 'works of piety' from the Spanish language. The foundation worked whereby the Church took a share of its own cash and put it into a number of different charities - Obras Pias benefitted from this along with a few other charities that were operating during this period. The people who initially donated the money to the Church would have already specified how much of the money should go to each kind of cause - the three causes being religious purposes, charitable purposes and educational purposes. It was down to the Church to distribute the cash according to the wishes of all the donors.
Some of the funds for Obras Pias was managed by confraternities, too. Back then, it was decided that 2/3 of all the cash should be loaned in order to gain interest, for the sake of maritime enterprises. This was, however, until the premiums had eventually increased the initial amount of cash to one particular point.
It was estimated that Acapulco had managed to reach around 50% interest, and China had 25% interest. It is also thought that India had managed to reach around 35%. The interest that was gained was intended to be given to the chairman of each of the charitable causes. The interest might have been gained through commercial methods, but ultimately, it was done to benefit charitable purposes. 1/3 of all the cash was usually reserved to be able to cover any losses that may have been made in the process of trying to get a good amount of cash to the charitable ends.
- Background information
Initially founded as a charitable foundation, the Obras Pias was created during the Spanish period in the Philippines. The words 'Obras Pias' is actually directly translated to 'works of piety' from the Spanish language. The foundation worked whereby the Church took a share of its own cash and put it into a number of different charities - Obras Pias benefitted from this along with a few other charities that were operating during this period. The people who initially donated the money to the Church would have already specified how much of the money should go to each kind of cause - the three causes being religious purposes, charitable purposes and educational purposes. It was down to the Church to distribute the cash according to the wishes of all the donors.
Some of the funds for Obras Pias was managed by confraternities, too. Back then, it was decided that 2/3 of all the cash should be loaned in order to gain interest, for the sake of maritime enterprises. This was, however, until the premiums had eventually increased the initial amount of cash to one particular point.
- Interesting statistics about Acapulco's involvement
It was estimated that Acapulco had managed to reach around 50% interest, and China had 25% interest. It is also thought that India had managed to reach around 35%. The interest that was gained was intended to be given to the chairman of each of the charitable causes. The interest might have been gained through commercial methods, but ultimately, it was done to benefit charitable purposes. 1/3 of all the cash was usually reserved to be able to cover any losses that may have been made in the process of trying to get a good amount of cash to the charitable ends.