My wife and I both have many accounts at the Rural Banks associated with Legacy, and insured by the PDIC. Them being insured was the only reason we invested our hard earned money in any Rural Bank.

It is as if the PDIC and the government is blamining us for investing in these banks, that they insure the deposits at. We thought about it very hard before placing our hard earned savings in these banks, and even looked at the PDIC website to see if there was any indication these banks were not safe, nothing was available for us, so we spread our money throughout these banks in order that it would all be safely insured by the PDIC. Now the PDIC is balking at getting the money back? I hope they will not, as it will make it more likely that myself and others will keep all our hard earned money outside the Philippines and in more securely backed banking insurance system.

We are sill waiting for their call to get the paperwork. The PDIC website says the forms can be downloaded, but then there is no form link. Must wait and see what will happen.

Ms. MBA, perhaps you just misunderstood the context of your Professor’s advice. He/She probably meant that you should effectively invest in some other way. Depositing with the bank is more of security than investing for good returns.

It’s a pity that a lot of people never learn from those scams which normally promise fantastic returns. Not just you but surprisingly a lot of highly educated people because the scheme works on greed, perhaps, precisely as you said.

I just hope you can recover.

Greedy investors? how stupid. My family also has deposits at a Lagacy bank and there has been a well thinking about the high interests which, besides, other banks also offered at diffenert “double your money” schemes.
Could they really pay 20%? Yes, they could, reminding that they charged much higher interests to loans, cash or like motorbike deals.
Would people really take such expensive loans? Yes, 3% a month is still cheaper than what lending firms charge, or the usually 5% a month at pawnshops and even some common businesses for instalment buying. Not to mention that lenders and banks often automatically deduct 2 months repayment while interests are charged for the whole amount. And too, interests are mostly charged at the total credit, not at the remaining debt after monthly payments as usual in western countries. Or do we have to mention the everywhere 5/6 scheme which charges 20% a month?
So, why not invest money there where it could grow, contrary to the common banks where interests are less than inflation and savings permanently lose value and purchase power?
If a bank is licensed by SEC or BSP, member of PDIC etc., why a interested depositor should try to suspect and scrutinize the bank, what antway he never can do.
With PR Bank, it was an additional fact and reason, that depositors have never been told that these banks belong to the Legacy group. There was an information that the owner is a former phil. Consul General in Europe, who usually should be a honest personality. And it was alwys said that PDIC insures deposits up to 250000 Pesos while now they say it is per depositor, not per deposit. Even the PDIC labels at bank counters say “deposits up to 250000″, nothing about any restriction if a depositor has more than one account. This is not done because depositors want any favorable condition, it is simply because most depositors do not have money enough for depositing big amounts and when they want to deposit again, the other deposits are already running and cannot be up- or downgraded during their term. If PDIC would clearly state that 250000 means per depositor per bank, people would deposit to different banks one deposit only.
Therefore, nobody should try to call Legacy depositors greedy, greedy are rather the other banks that charge big and pay little.

Legacy should have been stopped more than 2 years ago if not for a TRO issued by the CA (Reyes, Bruselas). Reyes, Bruselas weren’t these the same 2 inJustices involved in the GSIS Meralco case accused by Garcia of selling TRO’s. Why do their names show in high value (PHP) cases?

What about the Legacy victims?

A foreigner once said “no one in the Philippines goes to jail for stealing too much money, only those who don’t steal enough. Yes justice is blind: when there’s enough money in front of the eyes to cause money blindness”

Regarding PDIC deposit, i remember a BSP examiner once qouted that PDIC insurance actually insures on a per depositor(nationwide) basis which means even if you have accounts from the various branches(same bank) nationwide, PDIC will “insure” only up to the present P 250,000.00

Thanks for the comments. Let’s pray the PDIC paperwork could be expedited. Indeed, the e-form is anything but e. I heard they might be regulating these forms or that one has to obtain them from the bank branch or from PDIC itself.

And to Arcie, we do have other investments such as mutual funds with Sun Life (whose value is also slipping away… now that’s as legitimate as I could get into investing). I sure hope (as you do) for better times ahead.

It hurts because unlike the average working class Filipino abroad or in the Philippines, who’d buy luxury goods instead of saving their disposable income, I had to live way, way below my means just to save money. And if you’re able to accumulate say 1M after 10 years as a professional - by denying yourself all the Louis Vuittons and Burberrys in the world - this situation just feels bad, b-a-d. Of course it’s a personal decision that I made about my lifestyle, I just feel called upon to defend myself that’s for sure

Greed? I’d probably want to go back on that. My husband and I give generously to church or charity and support our families (parents) back in the Philippines… but yes, in the future, maybe I’ll have to think over it for three years, because it took me two years to get convinced by Legacy!

Having an MBA degree is one thing, what you do with it is another. My MBA professor told me that earning 10% a year is better than putting up your own business because of the risks involved. Banks are a racket? I heard one of my professors say that in jest but not serious in my investment class.

I have some deposits in banks like BPI and BDO made some years ago earning 9%. That’s boring but safe.

Also, i am wary of insurance or other investment managers pushing their products to me if i can’t understand their business model.

“Opportunity has a shelf life” The legacy owners saw the opportunity and took advantage of it. There were rules established by the regulators, that had loopholes. The legacy people saw that and worked it to their advantage. Nothing wrong with that.
The wall street people had even more complex derivatives (CDOs etc) than the legacy group, and look at what they did to the world economy. Brilliant minds!!!
They should have been in wall street and made some real money……..

It looks now that there will not be much chance to investigate people like delos Angeles. He has the money to do a FG, go to St. Luke and request a doctors attest that questioning and investigating him could damage his health and then go out of St. Luke with the samehappy smiling than the deadly sick First G…. St. Luke seems to be much lesssuper than they boast of, because patients with heart operation like Mike A. usually are back to work after few weeks. Or FG is so extreme innocent but so extreme sensitive that sking hin if he stole money would kill him. Usually, guilty people are stressed when they ar4e afraid they could be confronted with questions they could not answer without to prove guilt.

Jenny,

All of us have had our own share of certain misfortunes. I’m really just amazed at how people can be fooled in those scams. Just like a famous PBA player who was gypped on a “gusi na ginto” scam. Imagine, allegedly a treasure being held by dwarfs or whatever. I think he lostabout P300,000. Of course the treasure was’nt true. And those scams giving incredible interest for investments. Too good to be true just Bernie Madoff, a criminal mind par excellence.

What I’ve learned so far is that when the sun shines, even the evil people get their own share of it. When you are on a ship that’s sinking, you will not be saved just because you’re a good person if you don’t know how to swim. Those evil persons will survive because they know how to swim. Unless of course, someone saves you or God intervenes and will save you and maybe drown those evil persons.

It’s really a very painful lesson and I really symphatize with you. Just think it’s God’s will and those people who did those bad things to your family will certainly be given the justice they deserve.

I sincerely hope the GMA government will help you recover what you lost, even just a part of it.

PDIC will need extra capital just to pay off the Legacy rural banks. It just goes to show the even the government is not doing their jobs in checking the health of rural banks.

Legacy pre-need and all other pre need businesses in the Philippines are just a giant ponzi scheme. Pre need business need to get 12% return on investment every year just to pay for future obligations. There is no way that a business can have those steady returns year after year.

Despite the devastating trauma that he must be suffering from right now, Mr. de los Angeles is such a calm wel,l collected person. I just know how he is at bedtime. Nevetheless, while he will be damned for his mistakes, my heart goes also to the victims of Legacy, a company, the wprd of which has turned out to be an irony and a bad omen since it inception. For LEGACY, Webster says, is a thing left to someone, heritage, patrimony. But then Webster wasn’t Filipino.

I am ruben and one of the legacy’s victims. I was on vacation in April when Phil. Countryside Rural Bank, Inc., Cagayan de Oro branch, offered me a “double your money in five years time deposit.” My intention was to save it in a regular saving account but I was stupid to agree with their offer. What now? I Don’t know. PDIC insured? yes but I don’t really trust these people because they are too slow. I wrote and even called at their office but got no reply. By the way, I am presently in the US and don’t want to go home for this purpose. I want to see them (Scamers) where they belong - JAIL. However, with the kind of politics and justice system we have, it is impossible to see them in JAIL.

My observation is that a lot of big banking institution and those dealing with investments are owned and operated by Chinese moguls.

How many times do we see banks that just folds up for no apparent reason. The problem lies in part on our toothless SEC who monitors these institution, and second, the deliverate attempts of this psuedo banks to really intent to commit scam.

So many years back, when people of Cavite and Batangas reap millions of pesos because of real estate boom in their place, they suddenly became victims of this banking scam. Out of nowhere, the banks where these people deposited their newly acquired wealth suddenly folds up.

Millions if not billions of pesos were lost. The government investigation did not result to any convictions. Noticably, most of these bank owners are ethnic Chinese. I have mention ethnic Chinese because 10 to 1, they are the dominante owners of these corporation.

Ever since banks closure incidents, none has yet been convicted of fraud. And this is most likely the reason why these corporated crooks are embolden to commit grand larceny.

The mere fact that some banks entice depositors by giving higher interest compared to other banks is a good indication of desperation. Sometime before, during the last episode before the people power I which unseat Marcos, there was a bank that gives 2% higher interest more than the rest of the banking system. 2 months later, if folded up.

The Agrix incident in the 1978 was the most glaring example of a scam. It gives almost 5% interest weekly! Thousands of investors inche their way in, almost in panic to join the mass hysteria to invest on this institution. Retired government officials, Military, Teachers, people from all walks of life, some even mortgage their property to invest on the Agrix.

In just few weeks it folded up. The government took over the operation thru the National Development Corporation. There was no return of investment for almost 20 years, then finally, it went bankrupt.

Another one operated by a woman; the name of the corporation I forgot. I was invited to invest. The come-on was a C.D. that explain its operation and its different assets. One of the speaker was Senator Loren Legarda, and Senator Nene Pimentel. The stock holder’s meeting was even held in the Cultural Center of the Philippines. Important people were guest on that occasion.

I noticed that the neck of Senator Loren Legarda and Senator Nene Pimentel were a little small in proportion to their body. I immediately suspect that the C.D. was dobed and made through computer animation.

Few months later, it folded up, and these lady owner was even accussing the First Gentlement and Congressman Brother of Bacolod of extorting 200 million pesos to get a lighter sentence.

In short, it is so easy to commit fraud and embezzelment in our country because up to now, none has yet gone to prison. No one yet, in spite of the billions and billions of pesos stolen from the trusting public.

In short, this stupid government particularly our legislature are always caught with there pants down because there is no enabling law.

To my friend: Call Philippine Deposit and Insurance Corp. (PDIC) and ask copy of their regulation on deposit insurance. There you will see if the deposit insurance is per person, per account or per bank. Ask for a copy and e-mail it to you guys. (Coz) this is free and it is public document. or may be go to their web site and check.

As far as interest is concern, don’t just be impressed with high interest as return on investment, mostly bogus yan. Be realistic, Alamin yong prevailing interest rate sa Central Bank. Meron po silang tinatawag na “prime rate” na ipapasa sa malalaking banko. Ang malalaking banko dadagdagan yan ng tinatawag na “margin” o tubo para naman kumita pero maliit lang po iyan at tapos ipapasa sa tao o kay Juan dela Cruz

Para kay Juan dela Cruz:

Ang 3% per month ay kahalintulad ng 36% per year. Ibig sabihin in no more than 3 years bawi mo na ang investment mo. (36% X 3yrs = 108%). This is bogus. Then one of the bloggers is saying that this is way below than the existing 5% per month. Again this is equivalent to 60% per year. In two years, this is 120%.

On the side of the investors it is too good to be true ang sarap isipin pero mataas ang risk. Ayan yong Pera na naging Bato pa.

Let us go to the other side of the coin who is a borrower. I you borrow money at that kind of interest, a big chance of failing to pay it fully or be in default or being bankraft is HUGE. Therefore, if the borrower fails, then what happen to the lender and and their investment? You will be having a BIG losses also.

We have a saying. Sa Araw ng Gipit sa Patalim kumakapit. Government must try to solve this.

To Philippine Government:

Advertise in papers and in TV the prevailing interest rate(Note rate) on borrowings per day. Tell the people where to go annd the right agency to talk and start with, especially the wife or relative of the OFW’s who has small capital and wants to be an entrepreneur.
Filipinos are being victimized by greedy businessman. Yong mga nag-aral ay naloloko pa, yon pa kayang hindi nag-aral, kawawa naman.

bulong ng politiko sa itaas ng stage. Pare daming tao, daming TANGA, palakpakan sila sa sinsabi natin di nila alam binobola natin sila.

bulong ng naghuhuntahang ipis at surot. Pilipino di talaga makahalata. Haaaaaay!

Dear Mr. Arcie Reyes:
Do not be so judgmental of people. Remember the Madoff scam! Not only big businesses but also government entities got sucked. Dont you think these big businesses have the best business minds to advice them? we are just small investors willing to make a few bucks over what the big prestigious banks could offer. Imagine having to get 1.5% pa for your deposit and yet charged 1.5 to 2.0% AOR per month for a loan? Equitable? Tell that to the marines!

Recover? For sure recovery is just within reach. Remember, we still have our work to fall back on. It’s just an investment half lost, not a fortune. Acceptance is the key not bitterness.
To Jenny, I salute your candidness. we’re in the same boat. M too from Dubai. Cheers!

I spent all my money as it comes by on my children, their education and indulgences. Now they spend for our indulgences. Good thing we didnt have extras for investments.
I least i am not shortchanged by anyone.

If you haven’t heard the saying ” The easiest way to rob a bank is to own a bank”. You would speculate on how they can keep liquidity in those banks when the loans that they provide were not securitized and sold as bonds. Relying on interests returns or fees is not sufficient enough to keep the banks liquid. The promise of high returns from investors from the basis of high interest rates is balony. What if there is a high rate of defaults of loans by people who cant afford to pay back what they borrowed. Even if there is a collateral agreement from both parties involved, repossessed assets will not provide enough liquidity to the banks. They rely on depositors to provide the cash to pay the investors, sounds more like a ponzi scheme. SEC should have appropriate, accurate, and effective evaluations of these banks by public accounting firms, security analysts, and by the financial community.

Jenny,

Definitely you and your husband are better persons in your intents than those running some of our banks here in the Philippines. They invested out of the Philippines and got their fingers burned in the collapse of very big financial institutions in the US of A.

They took out some of the money being deposited here by Filipinos (certainly billions of pesos) and lost it in the USA instead of lending it here to stimulate and promote small businesses.

Everyone knows very well how difficult it is for small businesses or those starting in business to get a loan from our local banks such that Congress had to pass a law forcing them to allocate for loans to SMEs and the like. The collaterals are appraised so low etc. Most loans are easily given to those who are already big and powerful in business making them more richer and more powerful than before simply because they collateralize their present assets. Their assets grow more assets and profits and so on and so forth. And so money begets more money.

I say this not because of envy but because of principles such as social justice, equalization of social forces and similar principles enshrined in our Constitution which are only good in words and appearance but not in reality. And so, the situation is still the same, rich getting richer, poor getting poorer. That is why a lot of our countrymen and seeking their fortune abroad where the policies of government are kinder and more liberal towards the production of wealth which is actually in abundance here but with less opportunity for the underpriveleged here.

Ms. MBA

I really am saddened by your misfortune of putting in your very hard money in a failed business model… But let this be a lesson that no matter how promising a business model presented by a supposedly finance expert as Mr. Angeles of the Legacy Group, a depositor and/or investor in one of such schemes should put all those presentation of good returns on investments in perspective. For one, the claim that a ‘double your money scheme’ within 5 years made by banks in the 1990’s could just be offered by any banks without having to take so much risks in the 2000’s. In the 1990’s, big banks have a safe investment outlet - government securities offering more than 15% p.a. good for 2 years and above… Hence, it now depends on those big banks whether they match their long 5 year position with shorter tenor investment outlet or just mirror the tenor and earn from the difference by also investing in a 5 year instrument.

Claims by the Legacy Group of a legit business model is more of a propaganda rather than the truth or semblance of good corporate governance. The longest tenor of government securities widely available for purchase of banks (and not rural banks - they are prohibited by the BSP to own government securities up to a certain extent) is around 10 years and the yield of such instrument nowadays could hardly be much greater than 10% p.a. Yields of such 10-yr GS has declined to as low as 6% p.a. recently. A double your money scheme that would net an investor a net amount of twice as much capital he puts in would need to be invested in an outlet that would give at least 19% p.a. gross return and around 14.35% p.a. net return (without taxes, commissions, expenses, etc.). Even if such money was invested in credit card receivables yielding around 3% per month or arithmetically 36% p.a. Others may argue for compounding effects resulting to 100% p.a. return on such credit card receivables but this is very hard to apply on these types of instruments, given the irregularity of the streams of payments of these receivables and the high delinquency rate of such credit card receivables. I’ve seen delinquency figures of around 50%. This may leave around receivables that could yield decent returns of 50% p.a., but remember credit card customers are divided into revolvers, semi-revolvers and good payers. REvolvers usually just pay the minimum amount and thus, return of principal receivable amount is open to risk of possible default sometime in the future… Semi-revolvers could cascade to revolvers in crisis period as what is happening now… and Good payers may not re-avail of credit card services to save on credit card rates of 3% per month… So tell me, is it possible to get the 50% p.a. return on credit card receivables? - the answer is maybe that leads to most likely not possible…

I haven’t even question why is it not taught in MBA (or maybe down to the high school level) that basic banking rules for rural banks is to serve the rural sector needs and not commercial banking instruments, such as credit card receivables, stocks, pre-need companies, real estate companies, trust banking and the like…

Hence, and once again, if somebody approaches hardworking OFWs like yourself for investing in financial capital market instruments that you don’t understand… Please do not do so… IF a self-proclaimed financial expert tells you to invest in an instrument he is offering and there is no certainty as to where such proceeds from your investments will be placed… Do not invest…

So now… where do hardworking people like you should invest? Invest in the education of your kids… Invest/deposit in banks only up to Php250,000 per bank… Certain government securities have a minimum amount of Php100k if brokered by small financial institutions, while the big banks offer them at a minimum investment amount of Php1 Million. Get the feel of the financial market, if you have the time. If you don’t have much time, invest in trust departments of big reputable banks in the country, and tell them that you want it only placed in a fund for government securities…

If you want better interest rates/yield from your investments other than government securities, be prepared for the risk… the greater the difference from government security returns of your investment outlets, the more risk you are assuming (and up to possibly loss of capital/principal)…

“The best way to rob a bank is to own one” So says one BSP agent. Rightly so !!! Legacy Consolidated owns a lot of banks, so they robbed all of it !!!

PDIC in duty to pay, as an insurance, or just giving gifts and depositors have to be thankful?
There have been claim forms distributed with numbers and a specific date for paying. But there was no paying, they are processing and processing and said they will send letters with cheques instead of payout at least the common savings below 100000 Pesos.
But why this newstatement just 3 days after making the date of paying? Of course also without any date given for the letters.
There have been strict rules for getting the payments, personal claim etc., and now per letter which is not only unsafe via Philpost but also often delayed for weeks.
Surprisingly, even PDIC reported that at Paranaque Bank, the original bank of delos Angeles, payment was made last December 22 already. Why so fast in Manila and so slow in the provinces? Are possible protests not welcome in Manila but not important outside? It is already sad enough that the insured amount has not been adjusted to the now 500000 Pesos because the banks closed few days too early. They did not close, they have been closed.
It is also very unfortunate that every PDIC label at bank counters say ” deposits up to 250000″ without to explain it is per depositor per bank, so that making smaller deposits is useless at the same bank and its branches.
Could it be that PDIC has problems to release the money since BSP now refuses to give a loan of billions to PDIC, which declared to have more tan 60 billions?

why blame depositors for investing in these rural banks? i invested because i knew my accounts were insured by pdic. what have you been doing before , goverrnment regulators? the money we invested are ours and we should be paid back by the pdic. we have chosen wisely before investing. next time, dont insure or back up these banks and definitely we wont invest in these uninsured banks.

Now it is out, Legacy cheated and PDIC is the same. They createnew rules and instructions that never existed in their original policy.
Not only that the PDIC label at every bank counter stated “Deposits up to 250000 Pesos” and now it is not the Deposit but the Depositor who is limited to that amont, they make now another new rule.
They started to pay Savings accounts up to 100000 Pesos. Going to claim, they said “your savings contain interests from timedeposits, so it is now tied to your time deposits. We will send a letter when these claims will be processed”.
A big cheat, because if we take the interests cash and then put it to savings, we get the savings. But when we told the bank just to add it so that we do not need to go there every due date, it is not saving anymore.
PDIC is really limiting and delaying whatever they can, it looks like they donot have the needed money because thsy divert it or put it in a way that they cannot get it when it is needed.
Otherwise if they have 60 billion and need to pay claims of 14 billion (which surely will notall be accepted), why the PDIC wanted a BSP loan for ten years where they have to pay a huge amount for interests?
Legacy has been tagged as “only a very small pert of the banking system” and still PDIC is not able to handle it without to hire also expensive, outside auditors? How if a big bank with plenty branches and ten times more customers get troubled? If they have no knowledge about indured deposits, what then they did all the years without any such problem? Just enjoying high salaries?

If people have any doubt that legacy depositors are not victims of this legacy scam, check out this link
http://www.pinoymoneytalk.com/forum/index.php?topic=17849.225

these same depositors are now becoming victims of the actions of the PDIC, People invested there money because of the PDIC coverage of these acounts it gave some comfort of security, not anymore, so if you have any money in any bank in the Philippines, just consider the PDIC are the people who are insuring your money, and they seem to have the power to either pay or not pay, I cannot put my contempt for PDIC into words, lets hope that others put there contempt into action

Jasy

the promotion of their 5YR TD using PDIC’s insurance net of 250K should have been treated as a red flag.

I hope they will solve this problem asap. I am keeping myself updated for every latest news online by maintaining my blog post at

http://alfredo.palconit.com/legacy-group

I’ve been searching the net to find answers to the bewildering confusion spawned by the double your money or higher than normal yield offerred by specific rural banks who go to offices to solicit investments from workers and here I found Mark Rey’s lucid explanation. Some of my co-workers still have investments in them which are being peddled even by congresspersons and touted as PDIC insured. so, these are also scams?

we have invested with CAP -Prudential and sold our investment to a relative (when we migrated to Canada) who wants to use it for the college education of their children but unfortunately the Company went bankrupt and our relatives were denied of the college assurance plan. can our gov’t. investigate what was the cause for the closure of this Comp.? and look who were the officers involved and why? Please help and thank you for your consideration.

SEC official received money from legacy. Th plot thickens. I don’t know why people are still being duped into buying pre-need plans when the SEC and the pre-need companies are scr**ing people left and right.

[...] Appeal to Legacy Group - I READ and understood the entire argument put forth to propose freezing the pay-offs for Legacy investors. However, given the layers and types of investors in the Legacy scheme, wouldn’t it be prudent to propose a “classified” type of freezing? [...]

some friends invited me some two years ago to invest with them because the interest was more than double the regular bank rates. i only answered : “too good to be true. that bank must be near going belly up which is why they’re trying to lure in investors. they’re preparing for the final kill before they go under…”.
but they were right though — splice each CTD into amounts covered by PDIC. and so they earned more, and they will still get paid by PDIC their principal amounts. they only have to wait. they knew it all along.
smart guys. (and they’re still complaining of course !).

Please pdic , your office says that you want to make very sure that only legitimate depositors receive payment really. It is much safer to still claim our insurance payment from banks branches compared to your new rule that you will just mail soon. Personal appearance as a requisite to claim payment is more than enough proof of ownership than the reported mailing address. Pdic should help us recover as soon as possible in the most sincere and safest method .

Rather than look for a new job in 2001, I decided to see if I could instead “Retire Early in Paradise”.

Whilst the cost of living in the Philippines is a lot lower than many Western Countries, one still needs some money to live off.

I would not get a State Pension for 18 years!

I had to invest my savings, to generate enough to live off, but what could achieve this with little risk to ones Capital?

Having cashed in some ‘bonus’ payments from with profits life assurance plans, I placed into 5 Year Peso Time Deposit with HSBC, paying 8.3%pa Tax Free.

One needs more than this to live off however, since Inflation went up to 12% (but has since dropped to 7.5%, I believe?)

These Legacy Group Banks were offering 20%pa on a 5 Year Peso time deposit.

If it had NOT been for the PDIC cover, I would most likely not have risked my capital as about 8 x Rural Banks (on average) were closed per year.

I feel CHEATED by the PDIC, for taking so long (3 months) to announce Claims Forms being accepted, then NOT paying out like they promised, SAME DAY at those Forums they arranged in February.

Ever since the Central Bank turned down their application for a loan of Php14B, they have been changing the Rules and Requirements, and giving EXCUSES for the DELAY.

What the PDIC are doing and saying has done a lot of HARM to the confidence in the PDIC to payout those with clean accounts in a timely manner.

Why was none of this mentioned when Depositors of RB of San Miguel presented their claims (when the Banks President had stolen Depositors money and even the ‘rescue funds’ given by the PDIC to try and rehabilitate the Bank.

Why no undue delay when 4 x Banks were closed in December 2007?

Why no announcement before, of paying those with Savings Accounts of Php100K or less, before other Depoitors?

Why was just the CTD or Passbook, evidence enough to have ones Claim processed/paid the same day before?

If the PDIC used to pride itself on 9 working days or less, from handover of closed Bank to Acceptance/payout of those with clean accounts, how come 3 months later, they now saying most Accounts have incomplete or missing records?

If they could previously determine if the records existed in 9 working days, how come they now take more than 65 days (with extra staff, overtime and external Audit Firms)?

How come those with Savings Accounts of Php100K, or less, had no mention of missing documents?

I think it is just BAD EXCUSES for not having sufficient cash liquidity in the DIF to SERVICE these claims of perhaps 51,168 accounts of Php250,00?

I think the PDIC is STALLING for TIME to cash non-liquid assets of the DIF? They dont want to admit this so they come out with these statements as a cover up, regardless of the long term HARM and erosion of CONFIDENCE and DAMAGE to the Philippine Banking Industry.

It the PDIC, do not pay up soon, I will NOT be leaving large Deposits in Philippine Banks! The PDIC can’t even service Php250K, let alone the increased Php500K Insured Deposit maximum!

All Banks have the same PDIC cover!

My HSBC Term Deposits mature, 1st June 2009, I will not be renewing them!

If PDIC fail to to reimburse the genuine investors of the Legacy banks then the most fundamental part of the Philippines monetary system will have collapsed . All foreign business/investment will pull out and the economy will collapse . ultimately causing the downfall of the govt.

bakit ba winawalanghiya ng mga may ari ang kanilang sariling bangko……….

kasi walan namang nakukulong, ano na ang nangyari sa may-ari ng orient bank……

wala……

walang iniwan sa mga educational pre-need companies na nagsara tulad ng cap, platinum, etc………

wala din…..

pero palagay ko ang gobyerno at ang ched ang dapat talagang sisihin……

bakit…..

pinabayaan nilang mag taas ng mag taas ng mag taas ng tuition fee ang mga eskwelahan…….

bakit…..

may puso ba ang mga may may-ari ng eskwlelahan……

wala……

I almost got suckered in by a sweet talking acquaintance, but the saying, “If it’s too good to be true, then it probably is.” saved the day for me. Sometimes being a little negative and skeptical works in your favor.