Ofw bank, bank of the ofw's, for ofw's, run by ofw's,

[EsoyLegaspi]

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OK... now, how will you start this OFW Bank? Also, why man name it "OFW" if "everyone" can join in?

Thanks Lodyl, good question there. As I am engaging commentaries and queries, it is evolving like an fetus, it was "conceived" now "nutrients" are flowing in. More thoughts, more sentiments combine and is linked. The framework(fetal outline) is already there. We just need to provide more substance/material to it. I am still looking for "major components" so that we can come up with a "secured site". Suggestions are most welcome.

The other day, i was talking to a retired banker, soliciting wisdom. One of the lines I picked up from him is that "OFW loans" are "frowned" upon by banks(they smile in front of you and make you coffee-but you are a nuisance if you have no contract). To my mind, yes I know that, that's why I am going to start one !!!", not from the way they know how banks are created the conventional way.

The tools are now right in front of us. It is just a matter of mix-match, creativity. A "virtual bank" will be born. The greatest "capital and assets" already exists in each of us. MD (Member Depositors - or small managing-directors), may not be aware of what this are and can be mind boggling.

As I has posted previously, the Philippines is the 5th riches country in terms of Natural Resources, so in principle part of the major "assets" are already there. If we are the 5th Riches why do we send out "modern slaves" for foreigners to exploit in other countries. Some politicians want to train - "Super Maids" (Grabe, how can they think of our women like that) to be exported to other countries. Again, Saudi Arabia is nothing, nothing, nothing if you remove the oil. Japan and Singapore have no natural resources. If we are the 5th in the world why are we almost the lowest in the 3rd world countries. There is no need to be slaves, every one can be happy as we have more than enough for everyone.

OFW-Bank is an "open-architecture", in principle it is intended for the "working-class", OFW 99% belong to the working class. However, OFW, families and relatives know how it is to be in other countries and undergo all sorts of discrimination and difficulties, mental anguish, anxiety, uncertainty, loneliness, that local home based workers do not experience. Sufferings of helpless OFW-women in our embassies are still fresh in my mind, though that was say 20 years ago..still things have not changed I believe. There is no need for this, we are the 5th richest country in the world.

[lodyl]

Ah... TS... pwede mo diretso sa specifics? Like for deposit products, how much ang initial deposit, maintaining balance, interest... for loans, how much ang interest... what are the requirements to qualify for loans......

Assuming you have the "money" na, then what's next man to "build" your OFW bank?

[lodyl]

TS, mao ni ang example sa mga hate nimo sa?

Source: Citibank update: Francis Bryan Ang indicted for qualified theft : PinoyMoneyTalk.com – Make Money Online, Stocks, Forex, Mutual Funds Philippines

Citibank update: Francis Bryan Ang indicted for qualified theft
July 13, 2012

Here’s an update to one of the recent high-profile banking scandals in the country. The Department of Justice (DOJ) has found probable cause in the qualified theft case filed by Citibank against its former employee, Francis Bryan Ang, who supposedly ran away with more than P135 million of clients’ funds.

The DOJ has recommended the filing of 87 counts of qualified theft through falsification of commercial documents against Francis Bryan Ang, a former assistant vice president of Citibank’s Citigold Wealth Management Group and Relationship Manager of Citibank Binondo branch.

Ang allegedly stole away peso and dollar funds with a combined amount of at least P135 million. The DOJ consolidated two cases filed against Ang, the first one amounting to P97 million and $832,000 and the other with amounts P1.6 million and $43,000.

The case was made public in 2010 when the bank discovered fraudulent transactions supposedly initiated by Ang. (See related article: Citibank scandal: Did Francis Ang steal the money or not?)

The DOJ ruling gave weight on the prosecution’s allegation that Ang himself executed affidavits admitting the crime. The former bank executive supposedly confessed that he “tampered with the funds of bank clients in the following manner:

* (1) simulated transactions including fund transfers, cash withdrawals and applications for manager’s checks, by forging the signatures of clients in bank documents;
* (2) appropriated the funds as his own and/or transferred the same to his intended beneficiaries; and
* (3) avoided detection by either changing the client’s addresses on record with the bank.”

Ang also supposedly admitted offering time deposits with interest rates higher than the rate offered by the bank without his superiors’ knowledge or permission.

He also allegedly changed the clients’ addresses on record or implemented hold-mail orders in order to prevent them from receiving notices or bank statements.

The DOJ, however, found no probable cause in the filing of estafa charges against Ang. According to the DOJ, one of the essential elements of the crime of estafa is that “the offended party suffered damage as a result.” Citibank, the DOJ resolution ruled, is “not an offended party, nor has it suffered the requisite damage as an essential element of the crime of estafa.”

The DOJ ruling also dismissed the case against 11 other Citibank executives for lack of evidence. The DOJ panel of prosecutors did not find the complaint sufficient to file charges of syndicated estafa against Oliver Salud, Sherjack Siao, Joanne Salud, Koanne Karla Uy, Robinson Siao, Steven Uy, Phillip Keith And, Esther Gobio Ang, Antonio Samson, Belina Cancio, and Stephen Wozniak.

[EsoyLegaspi]

JPMorgan says trading loss grew to $4.4 billion - Yahoo! News

a. How could a ragtag pinoy dream team, composed of dreamers - create a "bank", check out the nightmare above...??
b. How could a ragtag pinoy dream team, managed the 5th richest country in natural resources in the WORLD, without money ??
c. How could a ragtag pinoy dream team, without any banking experience or expertise managed a "bank"? Piggy bank perhaps ??

What more ??

[lodyl]

JPMorgan says trading loss grew to $4.4 billion - Yahoo! News

a. How could a ragtag pinoy dream team, composed of dreamers - create a "bank", check out the nightmare above...??
b. How could a ragtag pinoy dream team, managed the 5th richest country in natural resources in the WORLD, without money ??
c. How could a ragtag pinoy dream team, without any banking experience or expertise managed a "bank"? Piggy bank perhaps ??

What more ??

nag RANT ka TS? Asa naman to ang imohang "proposal" ug unsa jud ang buhaton sa imohang "bank" TS?

[EsoyLegaspi]

TS, mao ni ang example sa mga hate nimo sa?

Source: Citibank update: Francis Bryan Ang indicted for qualified theft : PinoyMoneyTalk.com – Make Money Online, Stocks, Forex, Mutual Funds Philippines

Citibank update: Francis Bryan Ang indicted for qualified theft
July 13, 2012

Here’s an update to one of the recent high-profile banking scandals in the country. The Department of Justice (DOJ) has found probable cause in the qualified theft case filed by Citibank against its former employee, Francis Bryan Ang, who supposedly ran away with more than P135 million of clients’ funds.

The DOJ has recommended the filing of 87 counts of qualified theft through falsification of commercial documents against Francis Bryan Ang, a former assistant vice president of Citibank’s Citigold Wealth Management Group and Relationship Manager of Citibank Binondo branch.

Ang allegedly stole away peso and dollar funds with a combined amount of at least P135 million. The DOJ consolidated two cases filed against Ang, the first one amounting to P97 million and $832,000 and the other with amounts P1.6 million and $43,000.

The case was made public in 2010 when the bank discovered fraudulent transactions supposedly initiated by Ang. (See related article: Citibank scandal: Did Francis Ang steal the money or not?)

The DOJ ruling gave weight on the prosecution’s allegation that Ang himself executed affidavits admitting the crime. The former bank executive supposedly confessed that he “tampered with the funds of bank clients in the following manner:

* (1) simulated transactions including fund transfers, cash withdrawals and applications for manager’s checks, by forging the signatures of clients in bank documents;
* (2) appropriated the funds as his own and/or transferred the same to his intended beneficiaries; and
* (3) avoided detection by either changing the client’s addresses on record with the bank.”

Ang also supposedly admitted offering time deposits with interest rates higher than the rate offered by the bank without his superiors’ knowledge or permission.

He also allegedly changed the clients’ addresses on record or implemented hold-mail orders in order to prevent them from receiving notices or bank statements.

The DOJ, however, found no probable cause in the filing of estafa charges against Ang. According to the DOJ, one of the essential elements of the crime of estafa is that “the offended party suffered damage as a result.” Citibank, the DOJ resolution ruled, is “not an offended party, nor has it suffered the requisite damage as an essential element of the crime of estafa.”

The DOJ ruling also dismissed the case against 11 other Citibank executives for lack of evidence. The DOJ panel of prosecutors did not find the complaint sufficient to file charges of syndicated estafa against Oliver Salud, Sherjack Siao, Joanne Salud, Koanne Karla Uy, Robinson Siao, Steven Uy, Phillip Keith And, Esther Gobio Ang, Antonio Samson, Belina Cancio, and Stephen Wozniak.

Lodyl, we should not hate people, hating people will only makes us lose "deposits" in heaven. We should learn from what they have done. We should learn from this story so it does not happen to us. As the saying goes, it takes a thief to catch a thief. We cannot even call them thieves, we will receive "heavenly deductions" demerits, if we do that. We cannot judge them for what they have done. However, we should learn how to "protect" ourselves from situations like this.

These situations is a result because the system of management is based on "TRUST". People try to place their bets on people they think they can "TRUST". So how do we go about this ? We put a process in place. Let us learn how manufacturing companies work and produce things efficiently. The production system is designed as a process. No need to TRUST people, but all employees follows manuals and procedures. That is why there is such a thing as ISO etc., etc., a process is in place. Quality standards cannot be compromised. That is why, there is that motto - In God we Trust in the money of the Americans. Only in God we can trust, no one else, no hard feelings please. Every one must understand that for those who wish to participate in these OFW Bank.

In Quality Control System, every thing is monitored and checked and verified to ensure accuracy and production rejects are reduced to a minimum. Transparency is the key, thus demons and devils like to do things in the dark. For MD's there should be transparency and systems are verifiable on-line.

The situation reminds me of what a swindler said when he was asked. How heartless can he give cheating people with their hard earned money. His reply was simple. These people he cheated were people who wants "something for nothing", the swindler gives them "nothing for something". Hence, again it goes back - In God We Trust.

[monica]

Fellow OFW's, friends and relatives of OFW's. I hope to get the sentiments of my fellow OFW's. Share your thoughts. We can take care of ourselves and ready to get this through, together we stand and do something for our dreams, hope, aspirations. We build our own OFW Bank !! A bank of the OFW, for OFW and by OFW's. Can or No Can ??

Can! hahahaha..

[EsoyLegaspi]

nag RANT ka TS? Asa naman to ang imohang "proposal" ug unsa jud ang buhaton sa imohang "bank" TS?

Lodyl, why are you getting very personal, my above post has nothing to do with your commentaries. My point is that if big banks can fail in the US, why not a "ragtag" group? TRUST has been floated around the discussions and my point in raising is that TRUST can be baseless foundation when people decide to place their bets. This system I envisage does not function on TRUST. It functions like a manufacturing process with procedures and manuals and standards to follow. Quality check points established and on-line verifications can be done. There is almost ZERO thinking process and is to be "idiot-proof".

Be patient, as I said the "Business Plan" will be released but the timing has to be right. A bank where no deposits are done is indeed mind blowing, leading to the question as to how can you be cheated when you did not deposit anything

[EsoyLegaspi]

Think out of the box, think beyond your imagination, cast the bind of the baby elephant was conditioned to while growing up, in your heart and mind and body before you read the following. The Elephant in you has grown to be strong and better and more intelligent.
Why join OFW bank – a bank with no capital
a. Do you want to have a bank of your own and part owner where you are protected and not the interest of the capitalist, financiers and investors?
b. Do you want to have a bank that you get to share the benefits while being an OFW- depositor only?
c. Do you want to have a bank of your own that you have a voice and can share your ideas, develop a sense of security – togetherness with your fellow investors/depositors.
d. Do you want to have a bank of your own that will help you run your business, provide reasonable loan rates and nurture and guide you through your growing stage?
e. Do you want to have a bank of your own create a bond and working relationship you can run to in case of emergencies, instead of going to the loan sharks?
f. Do you want to have a bank of your own where you are insured while you are earning deposits. Banks insure those who owe them not those who deposit money. The premium for the insurance is actually paid by you and all the hidden charges that can shock the daylight out of you.
g. Do you want to have a bank that takes care of your children college assurance plan for a minimal reasonable fee? No need for too much profit, because it is your own bank.
h. Do you want to have a bank in case your business fail you’ll get a reasonable value for your collateral once disposed of by the OFW-bank? Buyers may also other OFW’s. There is no such thing a suicide sale.
i. Do you want to be a part of a bank that does not have to satisfy investors for their investments but only with reasonable returns? You are the investor and you are the reasonable investor. (Lugi and ginansiya – for the investor ?)
j. Do you want to be part of a bank that will help you build your quality homes in quality subdivision developed by OFW-developer, financed by OFW-Bank?
k. Do you want to be part of a bank without investing anything? ZERO outlay.
l. Are you applying for a job abroad and need help and protection for your placement fee?
m. Do you want to be fully aware of your bank officers who they are and the transactions fully transparent?
n. Do you want to be fully aware of the SALN of your bank officers, their wives, their children? Your bank officers are paid higher than industry standard. Transparency in the Internet.
o. Do you want a bank where you can fire your bank officer after due process?
p. Do you want to be part owner of a bank whose objective is service and support as priority, profitability as second?
q. Do you want to see how your bank is being managed in “real-time” and transactions that unfold before your eyes, access documents anytime?

What more ?

[EsoyLegaspi]

Philippines centre of 'illegal' live reef, aquarium fish trade - Yahoo! News Philippines

1,500 aquarium fish, corals seized at Manila pier - Yahoo! News Philippines

Our national treasures being destroyed and smuggled. National treasures, that can be propagated and cultivated and cultured without having to destroy our natural resources. We just need to protect and take care of this, grow and re-produce them in-land. Giving livelihood to many, instead of destroying our natural resources. The richness of our country is there waiting for us. No need for greed, hunger or violence. This are billions or trillions or mega trillions of USD worth we just need to take the lead and managed them. No need for millions and millions of capital, the capital are already there. No need to have our OFW-women exploited abroad and train more super-maids.

There is no need to blame the government, politicians and others, we just need to go out of our comfort zone.