Far Eastern University was founded in 1934 when the Far Eastern College and the Institute of Accounts, Business and Finance (IABF) merged.Far Eastern College, founded in 1919,had been a liberal arts college in Quiapo; the IABF had been established (originally under the name Institute of Accountancy) by Nicanor Reyes, Sr., head of the Department of Economics of the University of the Philippines, with a number of other prominent educators in 1928.IABF had been originally predominately used by night students, and the new university,which was supported by the tuition provided by its students rather than government grants, soon demonstrated that a private university was financially sustainable in the Philippines.