MikeLigalig.com

BSP shuts down Tagbilaran rural bank

By Joey A. Gabieta
Philippine Daily Inquirer
First Posted 15:20:00 09/22/2009

Filed Under: Banking

TACLOBAN CITY, Philippines - When he sent his assistant to withdraw money from the Philippine Farmers’ Bank branch in Tagbilaran last Friday, tailoring shop owner Johnny Mallari did not have an inkling the bank was no longer operating.

To Mallari’s shock, his assistant came back and told him that the bank, where he had deposited a sizeable amount, was closed.

According to a notice placed at the bank's entrance and signed by Imelda Singzon, Philippine Deposit Insurance Corp. (PDIC) executive vice president, the PDIC placed the bank under receivership through Resolution No. 1313 dated Sept. 17 that took effect on Sept. 18.

"Officers and employees of the bank are no longer authorized to transact business or enter any contract for and on behalf of the bank," part of the notice said.

Virgilio Cayanong, the manager of the bank with 10 staff members, was not around and could not be contacted for an interview.

Mallari, who opened his savings account with the bank in 2007, said he has been worrying over how to get back his money from the bank, which had thousands of clients.

But a PDIC employee, who declined to be identified for lack of authority to speak on the matter, assured depositors on Tuesday that they could claim their deposits in "due time."

However, she would not disclose the reason for the bank closure.

She said the PDIC has started verifying bank records on deposits and number of depositors, among others, but this could take several weeks.

Leonides Sumbi, Bangko Sentral ng Pilipinas regional manager, said bank depositors need not fear the PDIC takeover of the bank because it was done to protect depositors’ interests.

The Philippine Farmers' Bank's main office is in Cagayan de Oro City and it has branches in Ormoc City, Leyte and Catbalogan in Samar.

This posting, thanks Ben, simply confirms my suspicion that our banking system is rotten! It is always the poor people who are disadvantaged. Our government should create clear guidelines to protect bank customers´interest. Hallo Calle, asa ra ka? Need your feedback here.

But a PDIC employee, who declined to be identified for lack of authority to speak on the matter, assured depositors on Tuesday that they could claim their deposits in "due time."


-Dili ni tinuod ning giingon dire nga ang ilang deposits makuha nila (for those who have deposits amounting to more than 500k) kay based on the new regulation sa PDIC ang ilang giensure nga amount of deposit nga mabalik sa depositor is 500k ra. Maajo na gani na kay gitas-an kay sauna 250k ra intawon.

Ambot ug unsay lakang ani sa BSP nga murag ubay-ubay na ang mga bangko nga nagdeclare ug bankruptcy ug under sa receivership sa PDIC.

Makita na sa website sa PDIC. Tua sa pinakataas nga bahin, arang ka dako ug nahasuwat nga P500,000.00 ray maclaim.

Mingaw man diri sa Bohol kabahin ani nga balita. Bisag ang ato local nga pamantalaan wala man mag hisgot niani niadtong milabay'ng Domingo, Septembre 20,2009.  Basig sa Tacloban jud na nahitabo kay ang iya byline sa storya Tacloban City man.

Hinuon, mas maayo himoon nga ikatag nalang jud og deposito ang imo kwarta sa lain2 nga banko arun dili ta mabiktima kay Php 500,000 ra jud ang madawat per depositor sa bangko.   

Asa man dapita ning Farmer's Bank sa ato?

As to PDIC insurable amount of 500k, tama na imong suggestion Pamilacan na if you have money for deposit more than 500k, maayo i lain-lain ang account names or better yet i spread sa laing banko. 

Sa Tacloban bitaw tingali ni kay taga didto man na siya nga writer. Ang PDI stringer sa Bohol kay si Chito Fuentes man. Typo error ra gyud tingali na. Dili ko familiar anang Farmers Bank. Morag wala man na sa Tagbilaran. By the way, one of the more progressive banks in the country today is First Consolidated Bank (FCB), whose main HQ is at Taloto in Tagbilaran. Daghan na kaayo ni siya og branches, mostly in Mindanao and Visayas. 

Nahibong bitaw ko, murag something is amiss in this article. Wala'y other reference to Tagbilaran or Bohol. Most PDI news articles on Bohol are by-lined by Kit Bagaipo.

By the way, Kods, given that some of our bigger banks (even US banks) are rumored to be in trouble, unsa pud kaha kalig-on ang First Consolidated Bank (FCB)?

i think it's a typo-error. i just read it now sa inquirer under across the nation section and its says na tacloban branch.

Ang maayo , dili na magdeposit sa bangko. Diri sa Davao del Sur, murag hapit na tanang rural banks nagsira na.

Ang FCB mao nay utangnan sa mga teachers diri sa Davao, Digos city paingon sa Gensan.
Murag dili madali kapurdoy benelyne, kay sigurado man and bayad kara bulan kay salary deduction
man sa Deped.

Quote from: benelynne on September 23, 2009, 08:35:42 AM
Nahibong bitaw ko, murag something is amiss in this article. Wala'y other reference to Tagbilaran or Bohol. Most PDI news articles on Bohol are by-lined by Kit Bagaipo.

By the way, Kods, given that some of our bigger banks (even US banks) are rumored to be in trouble, unsa pud kaha kalig-on ang First Consolidated Bank (FCB)?

naay branch ang philippine farmers bank sa cebu.

Bottomline is :

Kanus-a man nang "due time" sa PIDC?

Kalooy ni Mallari.

Quote from: gwargz on November 11, 2009, 11:27:41 PM
Bottomline is :

Kanus-a man nang "due time" sa PIDC?

Kalooy ni Mallari.

Basin ang "due time" kon tua na sa "pre-departure area" and naghuwat.

sus arang luoya ang mga small time depositors kay malangan sa oras s pagprocess. Mao niy rason nga dagahan sa mga tawo sa Bohol run di na mag-invest sa banko ilang ipang invest sa mga gala nga ug mangutang/mangabang ka labaw sa katunga ug tubo. ja mingsulod napud ning mga micro-financing maayo untag tumong pero ang mga tawo sa kabukiran cigeg pangutang ja wa gipuhunan ang kwata. Gibayad rapus utang. Nangagapos hinuon sa tumang kalisod!

tinood na bai, mao na sagad sa akong nakit-an sa ubang kalungsoran. Pataka ra ug pangutang nya gi shopping ang kwarta, pag abot sa tingbayad, titolo sa yuta ma imbargo, sakyanan ma imbargo, balay e prenda. Pastilan luoya sa mga ka igso-onan nato nga nahimong biktima.

ang signage gani diri sa farmers bank sa mandaue tupad sa fair bank, gitangtang na. pwerte na jud hawana.