Banco Filipino closes, blames BSP for bank holiday

And we all thought they were “Subok na Matibay, Subok na Matatag.”

Several branches of Banco Filipino were closed today, March 15 — the second time the troubled bank declared a bank holiday in 26 years.

The bank admitted they are recently experiencing “heavy withdrawals” and blamed the country’s Central Bank for “orchestrating” a smear campaign against them.

An ABS-CBN News report says:

Banco Filipino vice chairman Perfecto Yasay denied, however, that the thrift bank is on a bank holiday but stressed that some of its employees did not report to work on Tuesday amid fears of depositors’ ire.

The thrift bank had difficulty servicing withdrawals and couldn’t clear checks since Friday, March 11.

In a statement, Banco Filipino admitted that there had been “extraordinary financial panic” and “heavy withdrawals” and blamed the Bangko Sentral ng Pilipinas (BSP) for not acting on their request for a P25 billion financial assistance.

Executives of Banco Filipino claim the Bangko Sentral ng Pilipinas (BSP) has still not acted on their request for a P25 billion worth of financial assistance and regulatory relief which they are supposedly entitled to get as compensation for Banco Filipino’s illegal closure in 1985. 


“As you are all aware, we have been suffering from extraordinary panic caused by a well orchestrated smear campaign quoting BSP as the source of inaccurate and malicious imputations,” Banco Filipino executive vice president Maxy Abad stated in a March 14, 2011 memo.

“Despite the urgency of all these requests, we have not received any official word from the BSP Monetary Board on the action they have taken, if any. Furthermore, we have also reiterated the immediate implementation of the approved business plan as ordered by the Makati regional trial court,” the bank official said.

The lower court has issued an order prohibiting the BSP, its officials, agents, and any persons acting for and in their behalf from committing any act prejudicial to the operation of the bank, according to the Banco Filipino official.

About Banco Filipino

Banco Filipino (BF) was founded in 1964 by Don Tomas Aguirre. From 1966 until its closure in 1985, BF was the largest savings bank in the Philippines.

On January 25, 1985, the Bangko Sentral ng Pilipinas ordered the bank’s closure over alleged insolvency, although Banco Filipino was seen by most people as a very healthy bank and generally regarded as performing well.

For most of the 1980s, Banco Filipino remain closed, until a 1991 ruling by the Supreme Court declared the bank’s closure illegal. The bank subsequently reopened in 1994, although only fifteen of its original 92 branches remained.

As of 2010, Banco Filipino has 62 branches operating in the Philippines.

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11 thoughts on “Banco Filipino closes, blames BSP for bank holiday”

  1. Banco filipino sana naman tinutulungan sila ng mga nakakataas!!!! sana naman yung president ng pilipinas makielam ka naman it’s your job hindi naman nya cguro trabaho umupo lang at panuorin lahat…kaya tayo tinatanggihan ng ibng bansa eh!!!! ayaw nyo magtulungan!!! … ayw nyo makielam…

    common sense,,, pagpinatagal pa yan at hindi inayos o tulungan kasi d ba humihinge na nga ng tulong.. pano mag rereopen??!!! d ba.. ang hirap talaga pag madming naiinggit…kailangan talaga idiin…

    sana yung mga depositor isipin nyo din para kung mabawi nyo pa yung mga dineposit nyo 2lungan nyo ang banco filipino lahat tayo dapat nagtutulungan…wag natin pahirapan ang banco filipino kasi the more pinapahirapan dinadown lalong matatagalan.. wag na kayo mag comment lalo na yung mga wlan nman masasabing maganda at lalo sa mga hindi involve yung mga nakikisali….

    sana tulungan natin ang Banco Filipino bumangon!!!

    • I really don’t know if panot este the president of this country is doing his job. Buti pa si GMA talagang hands-on sa mga nangyayari. nadidismaya na ko sa pamamalakad niya. Pag ganyan ang mangyayari sa atin social unrest ang mangyayari. Porke’t 95% ang depositors ng BF ang nasa less than 500k ang deposit kaya na nila ilagay na sa receivership. Parang sila mga bully! Huwag na lang magbangko ang mga tao. Money laundering na lang ang gawin nila gaya ng mga top govt official. Wala na tiwala ang tao sa banking industry pag ganyan sila.

    • I really don’t know if panot este the president of this country is doing his job. Buti pa si GMA talagang hands-on sa mga nangyayari. nadidismaya na ko sa pamamalakad niya. Pag ganyan ang mangyayari sa atin social unrest ang mangyayari. Porke’t 95% ang depositors ng BF ang nasa less than 500k ang deposit kaya na nila ilagay na sa receivership. Parang sila mga bully! Huwag na lang magbangko ang mga tao. Money laundering na lang ang gawin nila gaya ng mga top govt official. Wala na tiwala ang tao sa banking industry pag ganyan sila.

      • tama ka… wag na mag bank haha!!!

        sana lahat ng mga tao mag withdraw na sa lahat ng bank…. kunin na nila lht ng kyamanan nila

        • kunin talaga namin yan,,,metrobank, bpi and bdo. walang maliit at malaking bank. Pare-pareho lang silang lahat. Huthutan lang nila pera mo pagkatapos bankrupt lang nila. Maglagay na lang 500k para don lang insured. Sa Citystate Savings Bank na lang kami punta para lumago.

  2. 1. I detest micro management. Di dapat lahat eh iaasa natin sa pangulo ng Pilipinas. Kaya nga may BSP Director eh. Utak naman.
    2. To ask everyone to withdraw from ALL banks is nothing but silly. Pag aralan niyo muna nature of banking before you make any stupid non sensical suggestions.
    3. I don’t know what happened sa Banco Filipino, but usually when a Bank has problems it is the top executives who are at fault. may mali sa Corporate Governance nila. Let’s clear muna the facts.

    Think, think, think. Mag isip po muna tayo. Suspend judgement. Clear facts.

    So there.

  3. Very unfortunate especially for those who thought that what they saved in Banco Filipino would help them in the future. The affected depositors are just so pitiful to look at on the news. tsk, tsk…

  4. the big problem is how the international community would look at our country and our banking industry..
    this shows a strong signal that our BSP wants to avoid obligations with local banks.

    uptil now hindi pa din sumasagot yung BSP sa mga paratang ni yasay.. all we want is to know what the real score is.

    1) is there a BSP comptroller in the bank? and why did the situation escalate to something like this if the bank is strictly monitored
    2) what happened to the 25B rehabilitation plan? and what will happen to the damage claims if the bank closes ? wala na?
    3) BF claims to have assets worth 30B, how come BSP hasnt answered nor denied this categorically?

    everything is smelly, maraming paratang si yasay at walang maisagot ang BSP

    true, if corporate governance was crappy then why didn’t the BSP comptroller blow the whistle?

    google what a comptroller is.. walang funds na gagalaw sa bangko ng di dumadaan sa kanya

  5. Got my first letter yesterday! Loved it. I feel like I am a portion of something great that is definitely just starting to take place. Feeling a strange sensation of community around it all. Maybe you are on to something here! Who would have ever considered that persons would actually print out words on paper just to have it sent in the mail to another person’s mailbox. Next thing you know, peoe will be growing their own food and walking or riding bikes everywhere. It’ll in no way do the job, damn progress.


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