Wednesday, March 16, 2011

BSP, Banco Filipino Bank Run, Bankruptcy or Bank Holiday?

Last Tuesday, Banco Filipino depositors, clients and account holders were surprised to see all banco Filipno branches closed and only security guards at the baking premises to tell irate people to go back when Banco Filipino will open again.

TV news of Banco Filipino and BSP now feature Perfecto Yasay, Banco Filipino's vice-chair, blames BSP for Banco Filipino's "bankruptcy"...

Want to know the truth about Banco Filipino and other latest news? Well it's such a complicated and long history behind the battle between the bank and the bank regulator.

The rift between Bangko Sentral ng Pilipinas (BSP) and Banco Filipino dates back to the time when BSP (thru the former central bank of the Philippines) ordered BF closed but later re-opened. The Supreme Court already ruled the BSP closing of Banco Filipino was arbitratry.

Banco Filipino has a pending case against BSP because of this asking for compensation while it is also BSP job to help banks asking for assistance, part of their job as regulators.

Will Banco Filipino re-open and not close temporarily and not permanently? I think so. They have been closed before and will be able to do it again. They've been through tough times and also did you notice the Philippine Deposit Insurance Corporation (PDIC) did not step in?

Banco Filipino is not really bankrupt, they still have PhP18,000,000,000.00++ in equity but they got an overdraft last weekend and so wanted to borrow P3B from the BSP that BSP didn't provide. Banco Filipino decided the next day to temporarily close their bank.

I suggest in the best interest of Banco Filipino clients and the banking industry in general, BSP and banco Filipino iron our their differences to help Banco Filipino out of the current mess. Enough of the bickering on national TV.

Note:

I'm from the banking industry, but not a Banco Filipino insider. I learned about Banco Filipino early this week but didn't disclose them in this pathetic blog (that nobody reads anyway, unlike my main travel blog), due to sensitivity of the Banco Filipino news (but i'm privileged enough to be aware of some of the real scoop). The information has been made public already with Banco Filipino and BSP people, lawayers, trading barbs with Banco Filipino claiming it's BSP's fault and the source of the smear campaign against Banco Filipino. As of now, Banco Filipino branches are closed and ATMs offline to stave off mass withdrawals of depositors and avert a bank run.

Latest News Banco Filipino Bank Run, Banco Filipino Bank Holiday, Banco Filipino Bankruptcy, Banco Filipino Bankcrupt. How to withdraw your money deposits from Banco Filipino

4 comments:

  1. anonymous, latest update on banco filipino? the bank is now under receivership of PDIC, you can now get back your money if it's less than P500k (per person not per account). you need to wait for higher amounts from official announcement of PDIC

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  2. hey, where i can get my money?? tnx.. :)

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  3. I just filed my claim today - you can go to PDIC at the SSS building- Ayala cor Rufino in Makati. No schedule already, they asked me to check back in July.

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