In 1953, Schacht started a bank, "Deutsche Außenhandelsbank Schacht & Co.", which he led until 1963. He also gave advice on economics and finance to heads of state of developing countries, in particular the Non-Aligned countries; however, some of his suggestions were opposed, one of which was in the Philippines by the former Bangko Sentral ng Pilipinas head Miguel Cuaderno, who firmly rebuffed Schacht, stating that his monetary schemes were hardly appropriate for an economy needing capital investment in basic industry and infrastructure.