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Business Channel: Keeping conversation going

11/24/08

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Yes, we hope to keep the conversation going and organized, so for all comments related to stories in the Business channel, you can place them here.

20 Responses to “Business Channel: Keeping conversation going”

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20
Yvette Says:
August 13th, 2009 at 4:30 pm
Mr. Banal,

Since you have made your position obviously crystal clear with regards to the banana aerial pest spraying issue….let me ask you this: How would you like to live in the middle of the banana plantation—and please bring your family with you. Put your money where your mouth is.

Does that mean you stay in your house when you have it fumigated…
19
Earl Victor Rosero Says:
August 7th, 2009 at 2:13 am
The DBS forecast of a P50 to US$1 exchange rate by the end of September 2009 is highly unlikely. Note that that would be a two-peso slide which is very significant. Given how tightly the Bangko Sentral is managing interest rates and inflation, such a scenario has very little chance of happening. That much of a decline would mean the local forex market would be so awash with dollars that the peso would depreciate much.

Crude oil prices are rising while importers and exporters will be getting ready for Christmastime consumer spending in the country and overseas. These factors will drain off some of the supply of dollars.

Short-term forex rates are signifcantly influenced not by total debt stock nor interest rates of government securities, but by forex payments and dollar inflows.

Any dollar-denominated loans that would be coming in between now and December will be quickly spent for the pump-priming activities. The effect would be on local money supply not the peso-dollar rate.

The last time the peso was at 50 to US$1 was in October 2006 and ever since the BSP has been tightly managing monetary policy, the peso has not fallen by two pesos in two months.

Maybe P49 to US$ by September 30, but not P50 to US$ as DBS estimates.
18
Joel Banat Says:
June 25th, 2009 at 7:45 am
In reaction to Conrad Banal’s article on PDIC claimants. I think Banal’s comments springs from his total ignorance of the facts on hand. His shallow opinion obviously ignores the valid and legal position of Legacy banks depositors who got duped by Delos Angeles and who are not being duped by the PDIC thru Nograles. Shut up Banal. Check your facts first. Your words seem to come out from a beauty parlor.
17
Lav Says:
June 24th, 2009 at 12:56 am
Banal, don’t you know what you are writing about?

Dont you know that PDIC hasn’t paid the other 14 Rural Banks with 2.8Billion Peso deposit worth either?

Dont you know that mass media means? This means voice for all people, not for the government!

Have you done your research about the Legacy banks already? Do NOT talk or write about what you do not know!

You can not compare the 14 Rural Banks to the 12 Legacy owned Rural Banks because Legacy Rural Banks were mostly based in Metro Areas where liquidity is! Legacy owned banks also have more branches like a commercial bank! Some of these banks were even older than MBT, BDO, and BPI!

What gives you the rights to question that small banks have no right to solicit people who can deposit their money in these banks? Why? Do you believe that only the BIG people deserve to live and get all the depositors money? Does this mean small people must not have money and that they must not deposit their savings in small banks?

Don’t you even realize that Commercial bank holds around 300 Billion peso of deposit? If PDIC can not handle 14Billion of deposit, how can they pay up if a commercial bank closes down? This is a blessing in disguise for PDIC, because with this situation, they can make new system that can face bigger challenges in the future specially interms of sorting big volume of accounts.

You should think twice before speaking for PDIC, what you need is to understand that we are victims of PDIC here, because all people paid insurance premiums to be insured. We are not talking about the banks because PDIC mean, Philippine Depositors Insurance Corporation, and it is just like all INSURANCE corporation you know, but they have the benefit of receiving premiums from banks that will never close, and all other bank deposits! They also receives the assets in all forms from banks that has closed down. So who is the winner here? PDIC gets everything yet they can not pay small banks that have closed down?

If you have insurance, and you do not get what you paid for, will you also say that your insurance company is just doing their job?

PDIC can not also say that the insurance premium they are receiving is just a small amount. All insurance premium is just a fraction of the amount of what is insured for! Do you expect to pay 500,000 peso insurance premium for your car that is worth 800,000 peso? If your car gets wreck, will your insurance corporation tell you that they will not pay you because your car is wreck and the permium you paid for is only a fraction of the amount you are claiming? Or they will not pay you because your driver mismanage your car? The banks we deposited our hard earned money are all audited and licensed bank! They are all authorized to operate as banks, and therefore, insurance coverage upto the amount prescribed by the law is out of the question!

The depositors of Rural Banks should even be credited for helping our countryside developments! Without their money, how can liquidity reach the mass? How can poor people be given the chance to borrow money to grow?

Instead of thanking the depositors of rural banks, what are they getting?

You can not also expect people to place money in smaller banks unless they can offer better interest rates! This is their rights! We have the rights to negotiate interest rates that is both favorable to the depositors, and the lender of the small banks! Do you expect all people will place their money in commercial banks with interest rates lower than the inflation? If you will tolerate people from placing their money in instruments and products that is below the inflation, then you do not think for the people, because we are losing the value of our hard money everyday! Somehow their rights are also being taken away from them!

If you can speak favoring the PDIC, can’t you also speak to favor the Rural Bank depositors who have claims in some of the closed banks? Do you not think that they (depositors) have the right to complain, because they are only fighting for is for their money to be returned, not more, not less, AS SOON AS POSSIBLE, because to some, their savings in these closed banks are matters of life and death!
16
ahock Says:
June 23rd, 2009 at 8:52 pm
Hi Mr Conrado Banal;

Thanks for sharing your views regarding the Legacy/PDIC fiasco.

Although I share your view in a way that what happened in Legacy rural banks were unprecedented as what PDIC would want to picture it out, it also pose a bigger question of how secure my money is in the bank?

My view on this situation is that PDIC is NOT capable of doing efficient verification and prompt payouts on close banks depositors.

If this trend continues, what if big banks or even say medium banks close out? Will means that we have to wait 10 months to be paid? And all of what PDIC is giving in the press like this and that which give more anxiety to depositors? The moving deadline that they are giving, the requirements that they need to see in order for to be paid?

Legacy situation is unprecendented BUT for me is just small and isolated case like rural bankers association and BSP said and STILL PDIC cannot handle efficiently?

So if you have money in banks, will yo not think twice if it is really safe then?

What about the loan of PDIC from BSP which was turned down? Does this suggests they are not LIQUID?

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Business Channel: Keeping conversation going

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20 Responses to “Business Channel: Keeping conversation going”

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