James Ryan Jonas

Should we panic? BDO, Metrobank, RCBC hit by Lehman collapse

At least three Philippine banks face possible loss of investments due to their exposure to bankrupt global financial services firm Lehman Brothers.

As Lehman Brothers filed for Chapter 11 bankruptcy early this week, local banks Banco de Oro (BDO), Metrobank, and Rizal Commercial Banking Corp. (RCBC) announced they have set aside provisions for possible write-downs ranging from P658 million ($14 million) to P3.8 billion ($80.7 million).

Surely the question right now on depositors’ minds: Is there a reason to panic?

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Lehman Brothers files for bankruptcy; BoA acquires Merrill Lynch

It’s a sad — and scary — day for financial markets today.

Lehman Brothers, a global financial services firm operating for more than 158 years, filed for Chapter 11 bankruptcy after attempts to rescue it failed. The company went down with total debt amounting to $613 billion and losses amounting to $60 billion brought by subprime mortgage investments. More than 26,000 employees are expected to go unemployed.

And yet months ago, we thought the financial meltdown has already reached its peak when tens and thousands of employees in Citigroup, UBS, Morgan Stanley, and Siemens, among others, were laid off.

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Philippine Blog Awards 2008 to honor best Filipino blogs

Now on its second year, the Philippine Blog Awards (PBA) seeks to honor Filipino blogs that stand out among the millions of Pinoy blogs now populating the blogosphere.

Last month, we wrote about how you can nominate your favorite blog. Now the time has come to actually recognize the bloggers behind the best and most popular Pinoy blogs. The Awards Night of the 2008 PBA is slated on September 21, Sunday, 6 p.m. at One Esplanade located at Seaside cor. Bay Boulevard in Pasay City.

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