Lobnitz & Co built the ship in Renfrew, Scotland as yard number 342, launching her in 1 July 1890.

The Revolutionary Navy initially consisted of a small fleet of eight captured Spanish steam launches refitted with Gonzalez Hontoria de 9 cm (mod 1879) guns, and then received a donation of five merchant ships, namely the Taaleño, the Balayan, the Bulusan, the Taal and the Purísima Concepción, before acquiring Filipinas.

[3][4] The acquisition was made possible by the Filipino crew of the ship, who mutinied under the Cuban Vicente Catalan, who proclaimed himself "admiral".

By 1935 her tonnages had been reassessed as 785 GRT and 390 NRT, and the call sign KZEP had superseded her code letters.

[6] During the Philippines campaign in the Second World War, Japanese forces captured Compania de Filipinas off Fortune Island in 1942.