Banco Filipino branches closed for 'bank holiday'

[Sand Man]

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banco de oro or banco filipino?? hehe pareha² rapud nuon cla. pero if that would be the case kay possible jd na mg close ang banco filipino noh??

Ooops sorry. My bad. I meant Banco Filipino.

[miyay]

under receivership na diay. i think it is better to place your time deposits in government banks kay safe and higher interest pa. imo

Banco Filipino placed under PDIC receivership - INQUIRER.net, Philippine News for Filipinos

[Sand Man]

From miyay's link:

Unsound banking

Espenilla said the BSP also found that BF had engaged in unsound banking practices.

He said the bank was offering deposit interest rates of between 6.5 and 14 percent, which was much higher than the market average of one to two percent, thus further placing its financial situation at risk.

Moreover, he said, Banco Filipino had also engaged in unsound lending practices. Of the P4.1 billion in loans it had extended, at least half were to entities that were related to officers and owners of the bank.

When a bank is placed under receivership, all of the bank’s remaining assets and outstanding liabilities are taken over by the PDIC. The PDIC is also responsible for paying the deposit claims of bank clients.

Under its charter, the PDIC is mandated to pay valid deposit claims of up to P500,000 per depositor.

PDIC assurance

In a separate statement, the PDIC assured BF depositors that valid deposit claims would be paid and that it would complete the processing of claims as soon as possible.

“PDIC president Jose Nograles has directed the mobilization of the entire organization to fast-track the payment of deposit insurance,” the PDIC said in the statement.

Data from the central bank showed that BF had 177,652 depositors with total deposits of P15 billion.

Furthermore, 97 percent of the depositors had deposits of P500,000 or less and were thus covered by deposit insurance.

Elmore Capule, BSP deputy general counsel, said in the same press conference that deposits in excess of P500,000 may still be recovered, but hinted that the probability was small.

Once a bank is placed under receivership and proven to be incapable of being rehabilitated, Capule said, the PDIC sells its assets and the proceeds are distributed among creditors and other people or entities that have claims against the bank.

[istoryamember]

maayo ba kaha no nga naa jud ka suod nga kaila or relative ba hinoon nga manager sa bank then adto nlang ka mag deposit para at least bisan slim chance maka warn jud sila nimo sa pang hitabo. lisod kaayo ang kwarta karon then mawala lang. bisan pa ug mo ingon nga iuli, maayo unta ug madali pag uli. what if gamitonon na?

[markyroxy]

maybe we must be vigilant and be wise in enough in terms on where to save and deposit our money. tsk..tsk..

[Adamot]

sus maayo ra gyud na withdraw namo ang among sobrang deposit didto na taud taud naraba nya na dormant. just in time........ he!he!

[ako2x]

ako tawn wa nako ma withdraw...

[rsr]

kinsay naay update ani? kinsay nakahibaw when ang forum with the PDIC? naa man kuno tomorrow but wala ko kakuha sa venue --- for mango branch depositors....

[cliff_drew]

kinsay naay update ani? kinsay nakahibaw when ang forum with the PDIC? naa man kuno tomorrow but wala ko kakuha sa venue --- for mango branch depositors....

I'm not sure if naa bay announcement when ang forum diri sa Cebu but wala koi nakit-an nga mga schedules/venues. Tawage lang ning mga numbers bai for inquiries:

For more information, PDIC can be reached at (02)841-4630 to 31. Claim forms can also be downloaded at www.pdic.gov.ph.

NEWS BRIEFS « Cebu Daily News

Sa Manila naa na silay sched:

PDIC sets schedule of Banco Filipino depositors' forums - Nation - GMA News Online - Latest Philippine News

[bukoshake]

Sa Cebu depositors' forum... March 22, 2011 9:00 AM @ Sinulog Hall, 3rd Floor Jose Rizal Public Library, Osmeña Boulevard......gi.post na sa PDIC website