During the Japanese occupation of the Philippines, PBCOM followed most other banks at the time and closed operations. It resumed operations after World War II in 1945 through the infusion of new financial capital, although it had to operate from another building as its main offices at the time were used as the headquarters of General Douglas MacArthur. Although it was not legally obligated to do so, PBCOM announced that it would honor all pre-war accounts, saying instead that the war and subsequent occupation of the Philippines was merely a long bank holiday that would have no effect on any depositary instrument PBCom had at the time. A year later, PBCOM would join the Manila Clearing House Association.