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Other Topics on Money and Making Money (Ads not allowed!) => Banks and Insurance Firms that went Bankrupt => Topic started by: FutureGizmo on Dec 17, 2008, 12:06 PM

Title: Update on the bank run of Legacy rural banks
Post by: FutureGizmo on Dec 17, 2008, 12:06 PM
Please use this thread to post any official updates related to the bank run of rural banks under the Legacy Financial Group. We will delete posts that are irrelevant and would not be of help to anyone looking for information about the Legacy bank run.

For other Legacy-related discussions, please refer to these other threads:

- Hi-interest time deposits in Legacy Financial Group's rural banks (Part 14) (http://www.pinoymoneytalk.com/forum/index.php?topic=16850.0)
- Hi-interest time deposits in Legacy Financial Group's rural banks (Part 13) (http://www.pinoymoneytalk.com/forum/index.php?topic=16735.0)
- How to claim insured P250,000 from PDIC (http://www.pinoymoneytalk.com/forum/index.php?topic=16739.0)
- Explanation of the PDIC coverage (http://www.pinoymoneytalk.com/forum/index.php?topic=5318.0)

A few news on the Legacy bank run from local dailies:



PDIC takes over Parañaque bank, the third to go on holiday this week
From GMANews.tv (http://www.gmanews.tv/story/138666/PDIC-takes-over-Para&ntildeaque-bank-the-third-to-go-on-holiday-this-week) - Dec. 10, 2008

The Philippine Deposit Insurance Corp. (PDIC) has taken over the Rural Bank of Paranaque, Inc. (RBPI), the third domestic lender to declare a bank holiday this week.

The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) placed the lender under receivership following its declaration of a bank holiday on December 8 through resolution number 1616 issued on December 9.

“PDIC is mandated to gather and preserve the assets and liabilities of the bank, as well as control, manage, and administer its affairs. This is done for the benefit of both depositors and creditors of the bank," the PDIC said in a statement issued Wednesday.

PDIC President Jose C. Nograles said the state deposit insurer will “promptly pay" valid claims of RBPI clients.

“The speed of payout will depend on the availability of and state of bank records and completeness of documentary and other requirements submitted by other claimants," Nograles said in the same PDIC statement.

Early this week, two Cebu-based rural lenders declared a bank holiday, disallowing its customers from withdrawing their money.

These lenders were identified as the Filipino Rural Bank in Argao, Cebu and the Philippine Countryside Rural Bank with branches in Mandaue City, Liloan City and Lapu-lapu City, all in the Central Visayas.

All three banks—the Filipino Rural Bank, the Philippine Countryside Rural Bank, and RBPI—are reportedly subsumed under the Legacy Group, which is controlled by businessman Celso de los Angeles.



PDIC takes over 7 Legacy banks
From Inquirer.net (http://globalnation.inquirer.net/cebudailynews/news/view/20081213-177833/PDIC-takes--over-7-Legacy-banks) - Dec. 13, 2008

The Bank Sentral ng Pilipinas (BSP) has placed under receivership seven of 10 rural banks of the Legacy group nationwide.

These are :

1. Philippine Countryside Rural Bank (PCRB) with branches in Mandaue City, Lapu-Lapu City and Liloan in Cebu,
2. Bank of East Asia based in Minglanilla, Cebu
3. First Interstate Bank in Tacloban City.
4. Rural Bank of Paranaque
5. Rural Bank of Bais in Negros Oriental
6. Pilipino Rural Bank (with branches in Mandaue and Argao in Cebu and Tagbilaran City in Bohol)
7. Rural Bank of San Jose in Batangas.

"The receivership enables the PDIC to take-over the banks' assets to protect the interest of bank depositors and to start processing deposit nsurance claims", BSP said in a statement.



PDIC to help depositors affected by bank holidays
From GMAnews.tv (http://www9.gmanews.tv/story/139331/PDIC-to-help-depositors-affected-by-bank-holidays) - Dec. 14, 2008

State deposit insurers on Sunday assured that they will assist depositors of rural banks that have recently declared bank holidays.

A GMA Flash Report said Philippine Deposit Insurance Corp. (PDIC) president Jose Nograles has assured that his office is drawing up measures for a swift payout to depositors of closed banks under its receivership. The receivership order meant the responsibility of recouping the bank’s unpaid loans has been transferred to the PDIC.

Nograles said the PDIC augmented its workforce to speed up the process of verifying the legitimacy of depositors’ claims.

“As a matter of procedure, PDIC conducts examination to validate claims…However, the sheer volume of accounts involved would mean a longer time would be needed,” Nograles said.

Nograles said the PDIC will soon release a schedule of the payouts, adding that depositors of closed banks under its receivership will receive a P260,000 safety deposit guarantee.

Operations are temporarily suspended when a financial institution declares a bank holiday. The Flash Report, however, quoted BSP officials as saying that depositors of closed banks should not yet panic, saying that declaring a holiday does not necessarily indicate bankruptcy.
Title: Re: Update on the bank run of Legacy rural banks
Post by: bajoyjoy on Dec 17, 2008, 02:56 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Dec 17, 2008, 03:35 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: workoshore on Dec 17, 2008, 09:03 PM
BSP investigates 9 rural banks

Agence France-Presse
First Posted 16:14:00 12/17/2008
Filed Under: Central Banks, Economy and Business and Finance, Banking

MANILA, Philippines -- Nine rural banks in the Philippines are under investigation for "potentially unsafe and unsound banking practices," the Bangko Sentral ng Pilipinas, the country's central bank, said Wednesday.

The banks, which have been put into receivership, declared holidays earlier this month after depositors rushed to withdraw their money.

The central bank said it had been "monitoring these banks well before the global financial turmoil because of potentially unsafe and unsound banking practices". It did not elaborate these practices.

It stressed: "These banks represent a tiny fraction of the banking system and... the Philippine banking system remains stable, highly capitalized and highly liquid."

The central bank said the Philippine Deposit Insurance Corp. would take over the lenders' assets to protect depositors while insurance claims are processed.

The central bank examined the books of the nine lenders last year, but they all secured lower court rulings that stopped the its policy-making Monetary Board acting on the report of that probe.

The Supreme Court in turn blocked the lower court writs last month, enabling the central bank to act against the nine, the central bank statement said.

The banks are the Dynamic Bank, Rural Bank of San Jose, San Pablo City Development Bank, Rural Bank of Paranaque, Rural Bank of Bais, First Interstate Bank, Pilipino Rural Bank, Bank of East Asia, and Philippine Countryside Rural Bank.
Title: Re: Update on the bank run of Legacy rural banks
Post by: LAV on Dec 18, 2008, 12:01 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: cil on Dec 18, 2008, 04:27 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: dadi_drew on Dec 18, 2008, 09:29 AM
where is theprof na? helping out his clients? just an innocent question..
Title: Re: Update on the bank run of Legacy rural banks
Post by: dwin on Dec 18, 2008, 12:02 PM
Thanks cil.
Title: Re: Update on the bank run of Legacy rural banks
Post by: workoshore on Dec 18, 2008, 02:24 PM
I think the prof has mentioned before na he will (or you can) get in touch with him by emial, not in the pmt threads, due to sensitivity of the issue...nabasa ko lang sa ibang threads...

cheers... :cool2:
Title: Re: Update on the bank run of Legacy rural banks
Post by: tacamonchi on Dec 18, 2008, 05:14 PM
[quote a

where is theprof na? helping out his clients? just an innocent question..
 
he is our agent and he regularly updates us thru text or email.  no complaints.
Title: Re: Update on the bank run of Legacy rural banks
Post by: cil on Dec 18, 2008, 07:38 PM

where is theprof na? helping out his clients? just an innocent question..


ot:
he's still updating me through email......
Title: Re: Update on the bank run of Legacy rural banks
Post by: dadi_drew on Dec 18, 2008, 08:07 PM
tnx.. wasn't able to get that info na by email na lang.
Title: Re: Update on the bank run of Legacy rural banks
Post by: philsdutchie on Dec 18, 2008, 09:03 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: naturalbornkiller on Dec 19, 2008, 11:58 AM
Hi Cil,

Thank you for the update.   Any idea on when Time Deps will be processed?

dwin, kamusta na classmate - Ernest
Title: Re: Update on the bank run of Legacy rural banks
Post by: dwin on Dec 19, 2008, 12:17 PM
 :offtopic:

Ei naturalbornkiller. Oks naman.  

Paalis na Canada sa Feb. Migration. Mabuti na rin at ngayon na bumagsak ang RBOP, para makuha ko pa personally yung principal. Punta ako maya don sa Ortigas branch to get some forms.

Gusto ko sana mag-refresh ng Inverse Hedging e bago umalis. Nagamit mo ba?

Hope ur doin ok, bro.

Title: Re: Update on the bank run of Legacy rural banks
Post by: quantumrock on Dec 20, 2008, 10:51 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: philsdutchie on Dec 20, 2008, 12:44 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: baka on Dec 20, 2008, 01:21 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: bigoink on Dec 21, 2008, 03:31 PM
Where are you going to put it ,once you get it back .......in the other rural banks ?
Title: Re: Update on the bank run of Legacy rural banks
Post by: workoshore on Dec 21, 2008, 05:15 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: quantumrock on Dec 23, 2008, 12:41 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: quantumrock on Dec 24, 2008, 12:25 AM
Court interference brought about rural-bank runs?      
Written by Nonnie Pelayo / News Editor  
Tuesday, 23 December 2008 22:32

NINE rural banks in various parts of the country were recently closed for unsafe and unsound banking practices by the Bangko Sentral ng Pilipinas (BSP). The BSP could have acted sooner and prevented the closed banks from getting more deposits which the Philippine Deposit Insurance Corp. (PDIC) would now have to cover and pay. When a bank is closed by the BSP, it is not its officers, directors and stockholders who pay back the depositors but the government through the PDIC.

That the nine rural banks were padlocked for capital deficiency and for allegedly engaging in unsound banking practices is nothing new. Though not pervasive in the banking industry, there have been, over the years, a number of banks closed or placed under receivership and liquidated.

What is, however, unprecedented and unparalleled is how the banks closed were able to secure from Branch 28 of the Regional Trial Court in Manila a temporary restraining order (TRO) which was converted into a writ of preliminary injunction enjoining the BSP examiners from submitting their Report of Examination or any other similar report prepared in connection with their examination on these banks to the Monetary Board; and in case such a report has been submitted to the Monetary Board and its members, the latter are enjoined and restrained from acting on the basis of the said report. These TRO and injunction effectively prevented the BSP from closing the nine banks sooner...

http://businessmirror.com.ph/index.php?option=com_content&view=article&catid=28%3Aopinion&id=3729%3Acourt-interference-brought-about-rural-bank-runs&Itemid=64
Title: Re: Update on the bank run of Legacy rural banks
Post by: sikilim on Dec 24, 2008, 10:01 AM
Companies and entities contesting the voluntary dissolution will be given anywhere from 30 to 60 days after the order.


How can I, a small depositor of Legacy Pre-Need BB contest the voluntary dissolution of Legacy? Such an innocent client, how can I do? Anybody want to contest too? Let's bolt it!

Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Dec 24, 2008, 10:03 AM
i think that the best way to go about this scam by CDLA is to file a mass criminal lawsuit. his crime is not just an ordinary one. it can fall into the category of "economic sabotage" since it involved many banks and financial institutions (10 different legacy companies) which is a non-bailable crime. furthermore, a criminal case goes hand in hand with the civil aspect. if it can be proven in court that those assets were hurriedly tranfered to dummies, the court can cancel all the transactions and might award those assets to the investors that he swindled. i think that he is afraid of this "criminal case scenario" that is why he kept on sending his lawyer to talk to investors nonsense issues just to buy time.  
Title: Re: Update on the bank run of Legacy rural banks
Post by: quantumrock on Dec 24, 2008, 11:13 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Dec 24, 2008, 11:38 AM
As statutory receiver and deposit insurer, PDIC had to examine and evaluate over 135,000 deposit accounts, with the Central Bank's simultaneous closure of 14 other banks including RBPI.

the 135,000 depositors of the 14 closed banks will translate to only an average of 9,643 deposit accounts per bank. if PDIC is insinuating that it will take them a very long time to pay the claims because of this number, think of how long will it take for them to process the claims if a big universal bank say, METROBANK will closed down with several millions of deposit accounts.

i think that they are using some flimsy excuse to delay the payments of claims because some of the closed banks do not have that many depositors. they should act and pay as early as possible so that the public will not panic and affect the other rural banks.  
Title: Re: Update on the bank run of Legacy rural banks
Post by: philsdutchie on Dec 26, 2008, 10:32 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: AbysmalSpecter on Dec 26, 2008, 10:56 PM

i think that the best way to go about this scam by CDLA is to file a mass criminal lawsuit. his crime is not just an ordinary one. it can fall into the category of "economic sabotage" since it involved many banks and financial institutions (10 different legacy companies) which is a non-bailable crime. furthermore, a criminal case goes hand in hand with the civil aspect. if it can be proven in court that those assets were hurriedly tranfered to dummies, the court can cancel all the transactions and might award those assets to the investors that he swindled. i think that he is afraid of this "criminal case scenario" that is why he kept on sending his lawyer to talk to investors nonsense issues just to buy time.  


Until this time, I am convinced that the RBOP bank run was the result of a demolition job.  Prior to the official declaration of bank holiday, there have been a sustained series of anti-Legacy "write ups" by paid journalists.  Ang daming natakot.  If only depositors did not gave in to the fears that the articles tried to create (and successfully created) wala sanang bank run, walang bank holiday and we are still getting our monthly interests.

Aside from red tape, one of the things that hamper the growth of business is the crab mentality of people.  And also the presence of so called journalists who have perfected the art of editorial prostitution - they can write everything, if the price is write, este right.

Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Dec 27, 2008, 09:10 AM
And also the presence of so called journalists who have perfected the art of editorial prostitution - they can write everything, if the price is write, este right.

sana maputol ang mga kamay nila ni "super lolo or marka yawang angeles na bawang" this coming yearend para hindi na sila makasulat ulit sa kahit anong mga newpapers. mga b_ysit na journal mercenaries or prostitutes iyan!   :D :watchuthink:
Title: Re: Update on the bank run of Legacy rural banks
Post by: workoshore on Dec 28, 2008, 05:35 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: Bitster on Dec 29, 2008, 11:59 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: PhilKiyosaki on Dec 29, 2008, 01:58 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: ahock on Dec 31, 2008, 09:25 AM
do you guys have an update on when to go to RBoP for TD of 250k?
Title: Re: Update on the bank run of Legacy rural banks
Post by: workoshore on Dec 31, 2008, 02:33 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Jan 04, 2009, 09:15 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: todjikid on Jan 05, 2009, 10:57 AM
any update on our claims?
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Jan 05, 2009, 11:08 AM
no update yet mr. takilid. maybe PDIC is still extending their vacation.
Title: Re: Update on the bank run of Legacy rural banks
Post by: pingles on Jan 05, 2009, 11:12 AM
napaka-unstable pala talaga ng mga rural banks
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Jan 05, 2009, 11:38 AM
that's only in your mind, mr. pringles.
Title: Re: Update on the bank run of Legacy rural banks
Post by: royal_argosys on Jan 05, 2009, 12:58 PM
 RURAL BANK OF SUBANGDAKU, MANDAUE , INC. Address: Republic Steel Compound Bo. Pamplona, Las Pinas City are now declared BANK HOLIDAY..

BTW, guy's the bank was closed for "Bank Holiday",  nakapost dun ko sa labas ng branch ofc. ng RBS while m driving along hi-way of Alabang Zapote road. is there any official statement of this bank?
Title: Re: Update on the bank run of Legacy rural banks
Post by: ric_TNT on Jan 05, 2009, 01:28 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: quantumrock on Jan 05, 2009, 01:34 PM

napaka-unstable pala talaga ng mga rural banks


Ilabas niyo na raw pera niyo sa mga rural banks at bumili ng bahay na binebenta niya! :watchuthink:
Title: Re: Update on the bank run of Legacy rural banks
Post by: 2pac on Jan 05, 2009, 02:52 PM
Nag karoon ba ng bayaran? so 100% closed na si Rural Bank of Paranaque?
Title: Re: Update on the bank run of Legacy rural banks
Post by: mlangseth on Jan 05, 2009, 07:53 PM
gee whiz, if all rural banks will  file 'holidays" mag-papanic na siguro ako...huwag naman sana, maglalaho na ang aking trust sa ating Phil go'vt... hay naku.. even in the US, corrupt na rin ang govt at mga tao, the crimes/ home invasion have increased due to the recession... sa Pinas pa kaya??
Title: Re: Update on the bank run of Legacy rural banks
Post by: ice_man101 on Jan 05, 2009, 09:09 PM
being an auditor myself, not all rural banks are unstable, as ric have mentioned, it all boils down to their books (given that it is fairly stated).

i've seen a lot of rural banks that are financialy healthy, sometimes even healthier than commercial banks.
Title: Re: Update on the bank run of Legacy rural banks
Post by: GoodSteward on Jan 05, 2009, 09:48 PM

napaka-unstable pala talaga ng mga rural banks


depende yan sa risk tolerance and knowledge ng individual on certain sectors.

For pingles, unstable ang rural banks.

For me, since di ko alam ang pasikot sikot ng real estate, and i really dont see how i can gain from it, i find real estate less rewarding than rural banks.

Kanya kanyang linya yan... But of course its better if we are willing to learn and open to more options.

Rural banks closing every year is normal. Nalula lang tayo kasi rural banks under Legacy umbrella closed and ang dami nila. Maingay at malakas ang marketing ng Legacy noon kaya nung nadisgrasya siya parang ang dating tagilid na ang rural bank idustry which is not the case.
Title: Re: Update on the bank run of Legacy rural banks
Post by: philsdutchie on Jan 05, 2009, 09:59 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: AMARANTH on Jan 05, 2009, 10:51 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: FutureGizmo on Jan 07, 2009, 06:50 PM
Please refrain from posting irrelevant discussions in this thread. Use this thread only to post official information found online or news from credible sources.
Title: Re: Update on the bank run of Legacy rural banks
Post by: Bitster on Jan 08, 2009, 11:39 AM
PDIC assures to pay valid deposit insurance claims
Published on ABS-CBN News Online Beta

Home > Business > PDIC assures to pay valid deposit insurance claims

By jum_balea
Created 01/05/2009 - 11:52

abs-cbnNEWS.com | 01/05/2009 11:52 AM


The Philippine Deposit Insurance Corp. (PDIC) on Monday reiterated it would pay all valid claims of depositors of the banks that were placed under its receivership in December.

PDIC president Jose Nograles said all claims for deposit insurance are subject to examination and only valid ones will be paid.

Nograles explained that the validation of claims involves a rigorous process of examining bank records and verifying documents and other requirements submitted by depositors.

As part of the process, PDIC requires personal appearance of claimants. PDIC said its agents may also conduct interviews with depositors to further verify claims.

PDIC general counsel and senior vice president Romeo Mendoza Jr. said the insurer's Legal Affairs arm is currently evaluation deposits allegedly from proceeds of fictitious loans and maturing pre-need plans as well as from those generated through double-your-money schemes.


PDIC said the evaluation of claims is a standard operating procedure to ensure that the corporation pays the right person with the right amount as provided by law. This is also a way to safeguard the PDIC's Deposit Insurance Fund, the source of funds for payout of deposit insurance claims.

Earlier, PDIC said it would prioritize small depositors with savings accounts of P100,000 or less in the payout of deposit insurance.

Last month, 14 rural banks were padlocked by the central bank due to insufficient assets, severe liquidity problems and unsound banking practices. Most of the banks were affiliated with the Legacy group.



Source URL: http://www.abs-cbnnews.com/business/01/05/09/pdic-assures-pay-valid-deposit-insurance-claims



Title: Re: Update on the bank run of Legacy rural banks
Post by: voltes5 on Jan 09, 2009, 12:07 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: Bitster on Jan 10, 2009, 01:23 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Jan 10, 2009, 11:54 AM
ang laki pala ng na-commission ni bitster at iba pang mga ahente ng legacy
sabi nila 7 percent. dapat naman sila mag share sa mga nabiktima dito. sila nanam ang
kumita naman wala naman sila nawala kawawa naman tayo.  
Title: Re: Update on the bank run of Legacy rural banks
Post by: antiscam on Jan 10, 2009, 12:14 PM
hitman246, hindi lang 7% kundi at least 10% kinikita ng pinakamababang agents ng Legacy sa Heirarchy nila...Kung nasa taas sila, like Regional Managaer or AOH, meron pa sila override na 1-2%...Yung "The Professor", mas malaki pa kinita nun kaya ganun na lang kagrabe mag sales talk in favbor of Legacy before...They really have gained more than they lost I suppose, coz when it really comes to money, agents cannot really be truated because their interests are for themselves only, contrary to what they publickly claim...beware of these people and conduct your own DUE DILIGENCE...
Title: Re: Update on the bank run of Legacy rural banks
Post by: GoodSteward on Jan 11, 2009, 12:08 AM
Im also waiting for PDIC to serve the 100,000 above depositiors. Agree...We have to conduct our own due diligence, i thnk this has been said gazillion times na, after all, the final decision whether we invest or not is up to us, no one can force us. Kaya walang sisihan.
Title: Re: Update on the bank run of Legacy rural banks
Post by: Bitster on Jan 11, 2009, 04:05 PM

.....
 They really have gained more than they lost I suppose, coz when it really comes to money,
......


What have Depositors LOST in these Legacy Rural Banks?

Lost Interest between those unannounced Bank Holidays. followed by Receivership, then Closure.  Followed by a few weeks delay until you submit a Claim into the PDIC and then receive the Insured Deposits up to the PDIC 'MID'.

Assuming you can find another Peso Time Deposit paying a decent Interest Rate, there is at least another Month delay before you start getting income from the Investment/Deposit again.

OK with so many Banks going into Receivership at the same time AND it being a long Christmas/New Year Break, AND the PDIC being particularly thorough in checking for valid bone fida Deposits, it taking somewhat longer than usual.

So ALL you LOSE is some Interest for a couple of months

You will lose exactly the same if a Commercial Bank happened to get CLOSED.

The difference might be the Commercial Bank is less likely to close (but are you so sure of that given the current financial situation in the world that is having a knock on effect?).

The DIFFERENCE you can be sure of, is YOU MADE QUITE A BIT MORE INTEREST over the period that the Rural Bank had your Deposits, before it got closed, compared to a Commercial Bank - probably 3 or even 4 times as much.

Stop 'whinging' and be patient.  Don't WORRY Be HAPPY (about the higher Interest you earnt - with the assistance of that Agent?)
Title: Re: Update on the bank run of Legacy rural banks
Post by: quantumrock on Jan 11, 2009, 08:27 PM
^Don't count your chickens before they've hatched.
Title: Re: Update on the bank run of Legacy rural banks
Post by: freedomfighter on Jan 12, 2009, 08:48 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Jan 12, 2009, 08:53 AM

^Don't count your chickens before they've hatched.
i havent got any chickens lol :watchuthink: i got ducks is  that the same lol
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 12, 2009, 10:25 PM
LEGACY CONSOLIDATED PLANS, INC.                             LEGACY Main Office
SPPI Building, 1438 Quezon Ave. cor.                            23rd Floor The World Centre Bldg
Scout Borromeo St., Quezon City                                 330 Sen Gil Puyat Avenue
Education/Life/Pension                                               Salcedo Village MAkati City
148826                                                                    Tel 632  891-2008 to 12 Loc 106
E-mail: www.legacy.com.ph                    
TEL. 371-1181; 371-2836
       373-6015 to 16                                                
       813-8421
       371-2540
 Celso G. delos Angeles
 Chairman
Title: Re: Update on the bank run of Legacy rural banks
Post by: quantumrock on Jan 13, 2009, 12:52 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Jan 13, 2009, 07:55 PM


I have today appointed Atty Edgardo Labella in Cebu to file estafa, BP22 and criminal cases on my behalf.

Atty Labella is well known to me; he is sincere, honest and committed to help the public. He was ex regional director of Ombudsman (Region 7) and now a Cebu City Councilor (North District); therefore is very appropriate to deal with this matter as he can call upon the resources of the local government as well as national government.

Those who want to join me, please write to me at -

morgantan88@yahoo.com


Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 13, 2009, 09:09 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: lowprofile on Jan 14, 2009, 11:08 AM
gta4,

Just a friendly reminder to post an article only "ONCE" on a related topic and please don't post the same thing on several topics as it is already becoming redundant....

Thanks!
Title: Re: Update on the bank run of Legacy rural banks
Post by: gidnoch on Jan 14, 2009, 01:03 PM
meron po b nag invest dito s rural bank of polangui? iv talked to a certain Ms. Linda Romero and she told me na mag extend un time deposit ko s polangui. Suppose to be mag mature n investment ko this 25th of jan. And she told me n me memo sila ngayon na magextend ng 1 year un mga mag mamature n time deposits... ayoko n mag extend... baka bigla magsara n din sila... please help...  :help:
Title: Re: Update on the bank run of Legacy rural banks
Post by: DARK.KNIGHT on Jan 15, 2009, 04:10 AM
PDIC may start paying depositors in Feb

By Michelle Remo
Philippine Daily Inquirer
First Posted 01:29:00 01/15/2009

Philippine Deposit Insurance Corp. (PDIC) will engage private auditing companies to speed up the servicing depositors of rural banks that have shut down operations since December, PDIC president Jose Nograles said Wednesday.

With the outsourcing of the examination of bank accounts, PDIC expects to start servicing claims of depositors by the second week of February, Nograles told reporters.

He said that if PDIC were to do the examination on its own, it could start servicing claims of depositors in August.

Nograles said his office had obtained proposals from four auditing firms that could help PDIC examine 135,000 bank accounts.

The auditing firms include SGV & Co., Punongbayan & Araullo, KPMG Manabat Sanagustin & Co., and Isla Lipana & Co., he said.

A careful examination of the bank accounts is necessary to make sure PDIC will not pay depositors with fictitious accounts, Nograles noted. “We cannot simply pay without examining. Otherwise we would be held liable before the CoA [Commission on Audit].”

Nograles estimated that PDIC could shell out about P14 billion to refund deposits made with just the rural banks affiliated with the Legacy Group.

The central bank has closed 13 banks owned by or linked to the Legacy Group after determining that they were illiquid and engaged in unsound and unsafe banking practices.

The 13 banks include Rural Bank of Parañaque; Rural Bank of Bais; Cebu-based Pilipino Rural Bank, Bank of East Asia, Philippine Countryside Bank; Rural Bank of San Jose in Batangas; First Interstate Bank in Tacloban City, Leyte; Dynamic Bank in Batangas; Laguna-based San Pablo City Development Bank; Bacolod City-based Nation Bank; General Santos City-based Rural Bank of DARBCI; Legaspi City-based Bicol Development Bank, and Cebu-based Rural Bank of Carmen. With editing by INQUIRER.net
Title: Re: Update on the bank run of Legacy rural banks
Post by: AMARANTH on Jan 19, 2009, 12:06 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: aMuLeT on Jan 19, 2009, 01:15 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: antiscam on Jan 19, 2009, 01:49 PM



What have Depositors LOST in these Legacy Rural Banks?

Lost Interest between those unannounced Bank Holidays. followed by Receivership, then Closure.  Followed by a few weeks delay until you submit a Claim into the PDIC and then receive the Insured Deposits up to the PDIC 'MID'.

Assuming you can find another Peso Time Deposit paying a decent Interest Rate, there is at least another Month delay before you start getting income from the Investment/Deposit again.

OK with so many Banks going into Receivership at the same time AND it being a long Christmas/New Year Break, AND the PDIC being particularly thorough in checking for valid bone fida Deposits, it taking somewhat longer than usual.

So ALL you LOSE is some Interest for a couple of months

You will lose exactly the same if a Commercial Bank happened to get CLOSED.

The difference might be the Commercial Bank is less likely to close (but are you so sure of that given the current financial situation in the world that is having a knock on effect?).

The DIFFERENCE you can be sure of, is YOU MADE QUITE A BIT MORE INTEREST over the period that the Rural Bank had your Deposits, before it got closed, compared to a Commercial Bank - probably 3 or even 4 times as much.

Stop 'whinging' and be patient.  Don't WORRY Be HAPPY (about the higher Interest you earnt - with the assistance of that Agent?)



What I'm referring to is the PBB program of legacy which is not covered by PDIC...Bitser, you r just misdirecting us to focus only on Legacy Rural Banks which is covered by PDIC upto only 250K...Investors have invested and terefore lost much more with PBB than with the regular Rural banks...Im very sure that you have also recruited investors fro PBB...Too bad, a lot of investors especially those who invested as early as October got ZERO from the hundreds of Thousands to Millions they have invested...Only the Agents got a lot...The poor investors were all suckered!
Title: Re: Update on the bank run of Legacy rural banks
Post by: GoodSteward on Jan 19, 2009, 02:08 PM

What I'm referring to is the PBB program of legacy which is not covered by PDIC...Bitser, you r just misdirecting us to focus only on Legacy Rural Banks which is covered by PDIC upto only 250K...Investors have invested and terefore lost much more with PBB than with the regular Rural banks...Im very sure that you have also recruited investors fro PBB...Too bad, a lot of investors especially those who invested as early as October got ZERO from the hundreds of Thousands to Millions they have invested...Only the Agents got a lot...The poor investors were all suckered!


antiscam, I don't think there is a misdirection on Bitsters message that you quoted above. He clearly indicated its about bank depositors, and this is exactly what this thread is about : UPDATE ON THE BANK RUN OF LEGACY RURAL BANK.

If you want to complain about the PBB thingy, I dont think this is the right thread. This has been mentioned in previous posts. There are seperate threads for you to rant all you want regarding agents who you think had misled you or other people about the PBB product.
Title: Re: Update on the bank run of Legacy rural banks
Post by: antiscam on Jan 19, 2009, 02:12 PM
OH SORRY GOODSTEWARD...I BET U R ALSO AN AGENT OF LEGACY...
Title: Re: Update on the bank run of Legacy rural banks
Post by: Bitster on Jan 19, 2009, 08:44 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: AMARANTH on Jan 19, 2009, 10:33 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: GoodSteward on Jan 19, 2009, 11:21 PM

OH SORRY GOODSTEWARD...I BET U R ALSO AN AGENT OF LEGACY...


Whatever....Speculalte all you want.
Title: Re: Update on the bank run of Legacy rural banks
Post by: Bitster on Jan 20, 2009, 01:18 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: AMARANTH on Jan 20, 2009, 09:29 PM
For This Purpose, A Bank Is Considered Offering High-Cost Deposits/Borrowings If The Effective Interest Rate Paid On Said Deposits/ Borrowings And/Or Non-Cash Incentives Is 50% Over The Prevailing Comparable Market Median Rate For Similar Bank Categories

so what is the median rate for rural banks on their five year these days?........

If i use bank of makati's 10% then then anyhing higher than 15% is unsafe (which doesen't change anything what DYM gives)...If I use bangko san juan 7% (I think) then anything higher than 10.5% is unsafe already.

and if suddenly the median rate lowers to 6% then anything higher than 9% is unsafe which would classify bank of makati and PR bank doing unsafe practice.

SIGH.......
 
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Jan 20, 2009, 09:59 PM

For This Purpose, A Bank Is Considered Offering High-Cost Deposits/Borrowings If The Effective Interest Rate Paid On Said Deposits/ Borrowings And/Or Non-Cash Incentives Is 50% Over The Prevailing Comparable Market Median Rate For Similar Bank Categories

so what is the median rate for rural banks on their five year these days?........

If i use bank of makati's 10% then then anyhing higher than 15% is unsafe (which doesen't change anything what DYM gives)...If I use bangko san juan 7% (I think) then anything higher than 10.5% is unsafe already.

and if suddenly the median rate lowers to 6% then anything higher than 9% is unsafe which would classify bank of makati and PR bank doing unsafe practice.

SIGH.......
 



Well, this is how our government works.  Always leave things open ended and then use it as an excuse for a backdoor escape from their responsibilities.  In this case, BSP should PUBLISH the Prevailing Comparable Market Median Rate For Similar Bank Categories; otherwise the public will not know what rate BSP/PDIC will apply and then PDIC will not pay claims because they will say it is over the acceptable rate of interest.


 


Title: Re: Update on the bank run of Legacy rural banks
Post by: GoodSteward on Jan 20, 2009, 11:54 PM
Dapat the median rate should be relative to the time its being imposed... may tracking system when you opened your account and wats the standard rate at that time. Kasi it would be unfair for past depositors na nakakuha ng mataas na interes t rate last year during the high inflation period and now nagsibabaan ang lending rates ng BSP.
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Jan 21, 2009, 12:08 AM

Dapat the median rate should be relative to the time its being imposed... may tracking system when you opened your account and wats the standard rate at that time. Kasi it would be unfair for past depositors na nakakuha ng mataas na interes t rate last year during the high inflation period and now nagsibabaan ang lending rates ng BSP.



BSP should post the median rates in national newspapers (perhaps once a week, 2 columns X 2 inches size) and depositors can cut it out, matching the date they place the deposit, so there can be no dispute sometimes in the future.



Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Jan 21, 2009, 05:08 AM
this is the gripe of foreign investors regarding our country. "Rules are always changing in the middle of the game"!

I better keep my funds in our old "chicken cage". It is much more safer than in the banks...
Title: Re: Update on the bank run of Legacy rural banks
Post by: tacamonchi on Jan 21, 2009, 09:29 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 22, 2009, 05:41 PM
ang dami kaso ito si celso G. delos angeles  

Housing official sued over P70M
By Karlon N. Rama

CEBU CITY -- A Cebuano banker has accused the newly installed chairman of a government-owned finance agency of allegedly pocketing almost P70 million in checks intended to pay a bank loan.

Businessman Jacinto Jamero, former majority stockholder of the Cebu-based Philippine Countryside Rural Bank (PCRB), filed last Thursday estafa complaints against National Home Mortgage Finance Corp. Chairman Celso delos Angeles Jr. before the Office of the Cebu City Prosecutor.

The estafa complaint is the biggest of its kind since the start of the year and since the Department of Justice (DOJ) began collecting fees for certain complaints lodged before it for action. The filing fee reached P294,500.

"Celso delos Angeles Jr.'s failure to deliver the checks that I entrusted to him to PCRB has caused grave and serious prejudice on my part since, up to now, my obligations with the bank remain outstanding," Jamero said.

The complaint stemmed from the alleged transaction entered into by delos Angeles in July 2003, in his capacity as representative of the Legacy Consolidated Plans Inc. (LCPI), involving the sale of 83.43 percent of voting stocks of PCRB, which Jamero owns.

P85M deal

Jamero said he and his family sold their shares to LCPI for P85 million. In accordance with a memorandum of agreement, they were supposed to receive P45 million up front and P40 million in post-dated checks, spread over six months.

Upon signing of the memorandum of agreement, Jamero said he instructed LCPI to endorse the six post-dated checks, worth P40 million, to PCRB to pay his liabilities with the bank.

He also made further instructions to endorse P29,850,000, chargeable to the P45 million that LCPI was to pay him up front, to PCRB to settle his liabilities.

Jamero alleged that delos Angeles acceded to the instruction, causing him to turn over the control and management of PCRB to LCPI by virtue of a voting trust agreement.

Jamero, in his complaint, said he found out later that delos Angeles did not make the P29,850,000 payment to PCRB.

Liability

Since no acknowledgement receipt has been issued showing that the Manila-based official actually made any payments to PCRB, Jamero doubts whether the P40 million in checks were credited from his liabilities at all.

Jamero, in a press statement, has also expressed grave concern over the "tremendous rise in deposit liabilities of PCRB," from P188,380,000 in June 2003 to P450,420,000 in June 2004, due to certain management decisions.

He said the Bangko Sentral ng Pilipinas has not yet approved the stock transaction between him and the LCPI.

As a consequence, he said, he and his family will still be held liable to the public for whatever "unsafe and unsound" banking practices the PCRB decides to adopt under its LCPI-led management.
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 22, 2009, 09:21 PM
check this out
http://www.pinoymoneytalk.com/forum/index.php?topic=17191.165
Title: Re: Update on the bank run of Legacy rural banks
Post by: Bitster on Jan 23, 2009, 09:10 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Jan 27, 2009, 11:17 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Jan 27, 2009, 12:07 PM
Recto: Insurance Commission should regulate pre-need industry

abs-cbnNEWS.com | 01/27/2009 12:47 AM

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Toss the pre-need industry to the Insurance Commission, Socioeconomic Planning Secretary Ralph Recto said, while hitting at how the Securities and Exchange Commission has handled the now troubled industry.

"The Insurance Commission is doing a better job. It is ahead of the curve," he said.

Recto made the statement after more pre-need companies, including Legacy Consolidated Plans Inc., Scholarship Plan Philippines Inc., and All Asia Plans Corp. declared bankruptcy, leaving their plan holders at a loss on how to get their claims.

Recto, however, said the Insurance Commission is doing a better job as a regulator, and performs well in regulating insurance firms. "There should be a capital requirement for pre-need companies, as what the Insurance Commission does for insurance firms," he said.

Currently, it is the SEC that regulates pre-need firms since their products--pre-need plans--are considered securities that are transferable and negotiable.

In the aftermath of the financial woes of College Assurance Plans, Pacific Plans, Platinum Plans, and other big-time pre-need firms that defaulted on their obligations sometime in 2004-2005, there has been a move to transfer the industry under the oversight of the Insurance Commission.

This transfer was raised during the investigation hearings at the Senate in 2005.

However, the industry association was against the transfer since Insurance Commission has tighter rules especially for insurance firm's capital levels.

The transfer could have resulted in the pre-need firms being required to increase their capital base.
 

as of 01/27/2009 12:47 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 27, 2009, 12:21 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: leela on Jan 27, 2009, 02:20 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 27, 2009, 03:10 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Jan 27, 2009, 09:07 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 27, 2009, 09:17 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Jan 27, 2009, 09:45 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 27, 2009, 10:28 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: SaraM on Jan 27, 2009, 11:05 PM

DIC seeks P14-B loan to pay deposit claims

abs-cbnNEWS.com | 01/27/2009 3:51 PM

...

Nograles said much of the questionable transactions such as splitting and fictitious accounts were concentrated in the bigger deposit accounts of over P250,000.

...


Isn't that was MOST PEOPLE have done under law to increase the 250k account per bank? Such as "SPLITTING" or using a spouces name and or and ITF?
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Jan 27, 2009, 11:49 PM



Isn't that was MOST PEOPLE have done under law to increase the 250k account per bank? Such as "SPLITTING" or using a spouces name and or and ITF?
GOING BY PDIC  rules  a spouces name is diffrent account completly, and as you say useing /and /.or, is ok thats by pdic rules
so joint accounts below
 husband and/or wife 250 deposited both insured for 125 each  total 250,000
 wife and/or husband 250 deposited both insured for 125 each total 250,000
that my understanding of PDIC insurance
Title: Re: Update on the bank run of Legacy rural banks
Post by: SaraM on Jan 28, 2009, 12:10 AM
did you see this: Hopefully good news:

http://www.pdic.gov.ph/index.php?nid1=8&nid2=1&nid=304
Title: Re: Update on the bank run of Legacy rural banks
Post by: SaraM on Jan 28, 2009, 12:18 AM
Yes, that is what I am led to believe to all the accounts that are "split" whatever that means are OKAY under PDIC....So I wonder what kind of "splitting" he is referring to?
Title: Re: Update on the bank run of Legacy rural banks
Post by: lowprofile on Jan 28, 2009, 05:48 AM
Guys,

My take is Mr Nograles is referring to the 250T acct splitting that occured a few days before the bank went down...

Otherwise the ITF, AND/OR accts will and must be covered by PDIC as they have also posted in their website the accts structure to ensure max coverage.

Hope this helps clarify...
Title: Re: Update on the bank run of Legacy rural banks
Post by: DARK.KNIGHT on Jan 28, 2009, 06:08 AM
PDIC borrows P14 billion from BSP to pay rural bank depositors
By Des Ferriols Updated January 28, 2009 12:00 AM

The Philippine Deposit Insurance Corp (PDIC) is asking the Bangko Sentral ng Pilipinas (BSP) for a P14-billion loan to pay the insurance claims of the depositors of 15 rural banks shut down by bank regulators.

BSP Governor Amando Tetangco Jr. said they have received the loan application but no decision has been made by the Monetary Board.


“The law does allow the PDIC to approach the BSP for assistance. They can do that,” Tetangco said.

PDIC president Jose Nograles told reporters that the PDIC has been authorized by its board to seek a P14-billion loan to finance the payout of deposit insurance claims that have accumulated since late last year.

Nograles said the PDIC had ample funds to settle the claims of 15 rural banks shut down by the central bank late last year and this January but he said the board decided to borrow anyway.

“It’s a business decision,” Nograles said, adding that the PDIC is allowed by law to borrow from the BSP to beef up its deposit insurance fund (DIF).

The DIF is the pool of funds from insurance premium paid by banks, among other funds generated by the PDIC. Payments of claims by depositors are supposed to come from this fund.

Nograles estimates this fund at P60.5 billion now.

Nograles said they decided to borrow from the BSP to avoid depleting the DIF, even if it can service all current claims from its existing DIF pool.

According to Nograles, the loan is long-term with a maturity of about 10 years. He said this was not the first time the PDIC has approached the BSP for assistance and to date, total loans amount to P72.5 billion.

“All of these loans are in current status and matched with identifiable repayment sources,” Nograles said.

The PDIC estimates the deposit claims from the group of 15 banks, including the so-called Legacy group, to reach P14 billion. PDIC has already hired an external auditor to speed up the settlement of the claims.

These banks include the 13 rural banks under the Legacy group with alleged involvement in fraudulent activities, as well as two other unrelated rural banks identified as the Community Rural Bank of San Joaquin in Iloilo and the Rural Bank of Nueva Caceres in Naga City.

All 15 banks were put under receivership by the BSP in December and the PDIC was directed to facilitate the settlement of the claims by depositors beginning with the examination of accounts.


(Extracted from philstar.com)

Title: Re: Update on the bank run of Legacy rural banks
Post by: DARK.KNIGHT on Jan 28, 2009, 06:30 AM
The LAWS & PROVISIONS governing PDIC will be followed as it is. Otherwise, LAWS should have not been created after all. The things we should worry about are the loopholes within these laws that might circumvent PDIC from performing their obligations.

WISH YOU ALL THE BEST GUYS!!! :winner:
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Jan 28, 2009, 06:41 AM

The LAWS & PROVISIONS governing PDIC rules will be followed as it is. Otherwise, LAWS should have not been created after all. The things we should worry about are the loopholes within these laws that might circumvent PDIC from performing their obligations.

WISH YOU ALL THE BEST GUYS!!! :winner:
welcome back dark.night havent seen you for while hope everythinks ok  :rakenrol:
Title: Re: Update on the bank run of Legacy rural banks
Post by: DARK.KNIGHT on Jan 28, 2009, 06:48 AM
Thank you so much Sir Kermit I've been a little busy with my work.

You are an early riser sir, the morning sun is yet to shine (on second thought, I think it already did). I wish PDIC will start paying out all your Legacy Accounts (I wish the same with all the depositors affected).

I WISH YOU ALL THE BEST SIR!!! :winner:
Title: Re: Update on the bank run of Legacy rural banks
Post by: tacamonchi on Jan 28, 2009, 09:44 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: speaker on Jan 28, 2009, 10:11 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: lowprofile on Jan 28, 2009, 10:31 AM
Speaker,

The investigation should proceed in parallel with the claims as they are 2 different matters...

PDIC should proceed ASAP with the depositors payout as it is their mandate to immediately relief depositors in cases when banks closes.

Congress, Senate or any other bodies should conduct the investigation that would be to prevent any future banks from operating similar to what LFG did...

So the 2 are not interconnected and PDIC should not use it as another excuse to delay the payout which has been long overdue...
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 28, 2009, 02:28 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Jan 28, 2009, 02:36 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 28, 2009, 03:03 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Jan 28, 2009, 06:08 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Jan 28, 2009, 06:24 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: philsdutchie on Jan 28, 2009, 07:28 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 28, 2009, 09:20 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Jan 28, 2009, 10:26 PM
A Spate of Rural Bank Closures and a Bad Legacy
Posted by sh0s88 at 1/28/2009

A new wave of pessimism and outrage about rural banks and pre-need plans is engulfing the country including Bicol. This came about after the string of rural banks failed and the Legacy pre-need plans group closed shop without approval from the Securities and Exchange Commission (SEC). And Legacy is controlled by one Celso de los Angeles.

Who is Celso de los Angeles? Currently, he is the mayor of the small town of Sto. Domingo, Albay. But I heard that when he ran last elections the question was why a non-native would be running for mayor. I also heard the rumor that he needs it for "protection".

It seems Celso de los Angeles has a checkered past to say the least. In the mid-80s he was barred by the Banko Sentral ng Pilipinas after three banks under his wing collapsed. The BSP cited him for unsound banking practices.

What the guy next did was to buy Legacy Scholarship Pension Plan and Consolidated Plans in the late 80s. Later the two firms were merged.

He next emerged as the chairman of the National Housing and Mortgage Finance Corporation (NHMFC) which is the government's agency tasked in assisting the so-called housing businessmen. Vice-president Noli de Castro, who was Gloria's "housing czar", brought him there.

One will wonder how a banned person could be appointed to such position (It also speaks about Kabayan's capacity to choose people.) And this is after Chavit Singson tagged one "Celso de los Angeles" as a jueteng operator.

He did not last long in NHMFC because malodorous smell immediately leaked. One of his executives got busted for extortion. The agency was immediately politicized--palakasan became the norm and politicians' recommendations (and for sure there are no audits involved in this) became important in transactions. Another two officials were later charged in court in connection with a land-titling scam. Housing NGOs strenously complained and protested against his mismanagement of the government agency.

That's when he metamorphosed into a town mayor. It seems the guy was born in the Year of the Butterfly.

Then 10 apparently disparate and geographically dispersed (in Bicol, Luzon and Visayas) rural banks began to fail one after the other. Those banks were offering "double-your-money schemes" in 5 years. And all were traced to be connected to the Legacy group of Celso de los Angeles, the guy banned by the BSP for unsound banking practices.

Now it appears that Legacy is dipping its hand into the coffers of the banks. A big chunk of the banks chain's fund seems to have been loaned to Legacy
Title: Re: Update on the bank run of Legacy rural banks
Post by: col.paminta on Jan 28, 2009, 10:34 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: mlangseth on Jan 28, 2009, 11:38 PM
Hallelujahh!!
Title: Re: Update on the bank run of Legacy rural banks
Post by: SaraM on Jan 28, 2009, 11:58 PM
I think this is good news!
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Jan 29, 2009, 12:11 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: ric_TNT on Jan 29, 2009, 02:30 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Jan 29, 2009, 08:37 AM
WHAT AN EVIL MAN INDEED!!!! NO SIN SHALL GO UNPUNISHED!
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 29, 2009, 12:02 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Jan 29, 2009, 12:16 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 29, 2009, 12:30 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 29, 2009, 12:34 PM
check this..

http://www.pinoymoneytalk.com/forum/index.php?topic=17598.new#new
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Jan 29, 2009, 02:36 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: philsdutchie on Jan 29, 2009, 06:15 PM
House opens Legacy probe Friday

By Lira Dalangin-Fernandez
INQUIRER.net
First Posted 17:24:00 01/29/2009


MANILA, Philippines -- The House of Representatives will open on Friday its investigation into the closure of rural banks under the Legacy Group, but the testimonies of Bangko Sentral ng Pilipinas (BSP, Central Bank of the Philippines) officials will be heard behind closed doors.

Manila Representative Jaime Lopez, chairman of the committee on banks and financial intermediaries, said he has agreed to the request of BSP Governor Amado Tetangco for an executive session because of the sensitivity of the issue.

"It will involve looking deeper into the closure; it may trigger a bank run. It should not be an open public discussion because they [BSP officials] are trying to maintain [the] stability of the banking system, which is good for everybody," Lopez said.

Celso de los Angeles, the president of Legacy Group, has been invited but has yet to confirm his attendance, Lopez said.

Lopez filed House Resolution 957 calling for an inquiry into the closure of 15 rural banks last year, including 13 linked to the Legacy Group, because of allegedly questionable practices.

The BSP has asked government prosecutors to file criminal charges against several officials and clients of the Legacy banks after it uncovered what it said was evidence of fraud.

In four separate memoranda to Justice Secretary Raul Gonzalez, bank regulators accused at least 15 rural bank officers and their associates of several instances of falsification of public and commercial documents.

De los Angeles, however, was not among those recommended for prosecution
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 29, 2009, 08:28 PM
House body OKs increase in maximum deposit insurance coverage
01/29/2009 | 05:52 PM
Email this | Email the Editor | Print | ShareThis
MANILA, Philippines - A House panel on Thursday approved a bill seeking to increase the government's maximum deposit insurance coverage from P250,000 to P500,000.

The committee on Banks and Financial Intermediaries chaired by Manila Rep. Jaime Lopez passed the bill, which also amends the Philippine Deposit Insurance Coverage (PDIC) charter, to include "bridge banking."

According to the consolidated bill, a bridge bank is a temporary bank licensed by the Bangko Sentral ng Pilipinas (BSP) to "acquire assets and assume liabilities of a failed bank to facilitate its resolution."

"The bridge bank shall have authority to purchase assets, assume deposits and other liabilities which the corporation may determine to be appropriate and perform such banking functions as the monetary board may authorize," read the measure.

The bill was authored by Lopez, House Speaker Prospero Nograles Jr., Valenzuela Rep. Rex Gatchalian, Bulacan Rep. Ma. Victoria Sy-Alvarado, and Butil party-list Rep. Leonila Chavez.

In addition to approving the increased deposit insurance coverage, the House panel wants the government to shoulder the additional P250,000 over the next three years, while the remainder of the amount will be covered by the PDIC.

The approval of the measure came amid the recent shutdown of several rural banks, including those under the Legacy group, a privately-led company controlled by businessman Celso de los Angeles. - Johanna Camille Sisante, GMANews.TV
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Jan 29, 2009, 10:05 PM
Is Speaker Nograles protecting Legacy group owner?

http://www.abs-cbnnews.com/video/business/01/29/09/speaker-nograles-protecting-legacy-group-owner :applause:
Title: Re: Update on the bank run of Legacy rural banks
Post by: antiscam on Jan 30, 2009, 10:06 AM
The news is out yesterday at TV Patrol of ABS CBN....NOGRALES & JAWORSKI were the alleged protector of CDLA thats why no serious inquiry and criminal cases have been against him...This is in complete conflict of earlier newspaper reports that Speaker Nograles is the one initiating an investigation against Legacy...

Anyway, the VP of legacy in Davao, Janet Ortiz informed all her investors last December that Speker Nograles invested 30Million in PNBB and after the bouncing checks of Legacy became universal, Speaker Nograles was paid immediately and completely by CDLA of the 30Million last December 2008....So it figures that contrary to Nograles' statements yesterday on TV Patrol that he was also a victim, well asof December 2008 he no longer is coz he has been paid already..If we will venture more, judging from the TV Patrol report last night, he may also been paid more than his actual investment as "Protector" for CDLA...Whew! what money can buy! Very easy for CDLA to pay much more coz he is using investor's money to protect his ass!

So forget all about the posturings of politicians, especially Nograles of initiaying an investigation...Its just a smokescreen and a convenient "show" to appear responsible and concerened for all the victimized investors of CDLA...  
Posted on: Jan 30, 2009, 09:08 AM
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As a side note, Jose Nograles the current president of PDIC, is the brother of Speaker Nograles...Now the plot thickens....

PS. Re the TV Patrol Report last night re Speaker Nograles as "PROTECTOR" of CDLA, this was revealed by the former PDIC President (sorry I forgot the name) preceding the current Jose Nograles. The former PDIC knew all along that Legacy is a Ponzi scam and initiated actions against it.. However, according to the news last night, Speaker Nograles invited the former PDIC president to a dinner together with CDLA and personally told the PDIC president to "cease and desist" from taking any actions against Legacy....Truly our invested money with Legacy can buy anyone!  So there goes all our money, ending up once again in the pockets of the same politician pretending to protect investors by initiating an investigation against legacy whom he secretly and actually protects...Talking about DUPLICITY, well its no surprise coz we are talking of a very succesful politician here in the person of Speaker Nograles...Isn't it that DUPLICITY and POLITICS are synonymous? its all in the perception baby!!! hahaha!!!
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 30, 2009, 12:14 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Jan 30, 2009, 12:25 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Jan 30, 2009, 02:16 PM
grabe ang mga revelations. it looks like we pinoys are the most "MARU!" people in the whole universe. "Marung-maru talaga, hindi mapantayan ng ibang mga species!"
Title: Re: Update on the bank run of Legacy rural banks
Post by: palailai on Jan 30, 2009, 03:13 PM
tumpak marong maru talaga kaya nga di na aasenso ang ating bansa puro corruption coming from the president glo down to barangay captain
Title: Re: Update on the bank run of Legacy rural banks
Post by: philsdutchie on Jan 30, 2009, 04:00 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 30, 2009, 06:25 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: Nemo on Jan 30, 2009, 07:10 PM
If he is not guilty, why not face the music? CDLA should come out and face everyone.
Title: Re: Update on the bank run of Legacy rural banks
Post by: mlangseth on Jan 30, 2009, 07:31 PM
Correction guys,a lot of scammers are being apprehended and arrested in the USA. Just recently, a man from Long Island is facing prison term for scamming people of their retirement fund. He is not as huge as MADOFF, though.
So, in every human race, there are scammers.
Back to topic.
PDIC need to pay us up, no matter what is going on up there.
Legacy banks are related to whatever politics, so be it, they still need to pay up !!!
Title: Re: Update on the bank run of Legacy rural banks
Post by: AMARANTH on Jan 30, 2009, 10:10 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Jan 30, 2009, 10:19 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Jan 30, 2009, 11:25 PM
pari gta4 paki share ka nam ng news bago wala akong nakita bago hinahanap ko pa.
Title: Re: Update on the bank run of Legacy rural banks
Post by: tokzz on Jan 30, 2009, 11:28 PM
i hope this probe will now bring sleepless nights to CDLA! serves him right!
PDIC said they have enough funds to pay depositors of closed rural banks. the loan from BSP is just strategic move that will benefit PDIC in the long run. so let's all hold on to our seats

i pray that victims of the pre-need products will also get their money
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Jan 30, 2009, 11:41 PM
Legacy Ventures Realty and Development Inc. is investing nearly P1 billion in its maiden condominium-townhouse project near the Manila Bay, its president said.

Dubbed the Sentosia, the project features 127 exclusive clusters of duplex and quadruplex housing units, bearing a modern Singaporean design.

Sentosia is five minutes away from the SM Mall of Asia and 15 minutes away from the domestic and international airport.  check mo naman ito.
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 31, 2009, 12:07 AM
Authorities looking for failed Legacy Group owner,
checkthis out

http://www.gmanews.tv/video/35720/Authorities-looking-for-failed-Legacy-Group-owner
Title: Re: Update on the bank run of Legacy rural banks
Post by: todjikid on Jan 31, 2009, 07:42 AM
PDIC should issue a statement assuring all depositors will get their money!

Una, yang "moral hazzard" na yan na parati kong nababasa is like passing on the bucket of regulation to us depositors. THE BSP and PDIC are tasked to regulate these banks not us! The fact that they allowed these banks to operate simply means that they are open to forces of the market. Kung kung gustong magdeposito ng mga mamamyan sa mga RB dahil mataas ang interest, ano ang paki nila eh nuna, pinayagan nila at nirenew pa ng SEC ang corporate life ng Legacy.

2nd, etong issue ng "aggressive deposit" taking. Eh sino ba ang hindi aggressive na businessman? Lahat naman ng mga negosyo eh aggressive.

3rd, "business decision" ng PDIC to borrow money thereb prolonging the agony. Parang they are waiting for a great escape. Una, kung tatakbuhan nila ang resposibilidad nila sa depositors by crying "fraud" o "scam", naku they are in for a big surprise. Because the moment they deny Filipino masa of their right to the deposit guarantee, naku sasabihin ko, it can happen again, to bigger banks. Papatayin nila ang banking industry.  At ang business decision na yan to ask for a loan sa BSP, shows lack of foresight. Kikita nga sila dhil hindi nila ipe-preterminate ang investments nila, but, in the long run, everyday, nag-eerode ang confidence ng tao.

They might not feel it right away, but, oras na gumalaw ang investors at magpull-out ng deposits dahil sa kabang dulot ng anu-anong hearing na to, sunod-sunod na yan. Tapos damage control sila by saying "closed foor hearing." Duh. Eh puro tsimoso ang mga tao sa Kongreso. Lahat yan may political interest. And what can a close door meeting achieve? Make better law? Again ang problema, implementation. Sa halip, mas lalo lang nilang niyayanig ang mga depositors. Kaya tingnan natin, andito tayo, to speculate and to speculate some more. More speculation, more irrational decision. More irrational decision, greater tendency to pull out investments and or stop investing.

These people should know better.

Minsan, I'm thinking na ang bobobo ng mga tao sa gobyerno.
Simpleng cost-benefit analysis lang di nila magawa.
They should start hiring people from this forum.






Well, again, this is my "fear" speaking.



In short, PDIC pay up.
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Jan 31, 2009, 07:51 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: todjikid on Jan 31, 2009, 07:55 AM
"Business decision" is the stupidest thing ever next to "moral hazzard."
If there's "immorality" here, it lies to the regulators who are given enough ammunition by the law but cowers before the politicians.

In the end, nagtuturuan kayo, eh pareho lang kayo ng hilatsa.

Uunahin pa ba ang profitability ng PDIC eh the institution's strength lies on the fast service it provides to the banking industry?

Sorry for the harsh words PDIC people, ranting lang to.

Title: Re: Update on the bank run of Legacy rural banks
Post by: AbysmalSpecter on Jan 31, 2009, 08:00 AM
Can all rural bank depositors come forward and sign a petition for PDIC to speed up the process?  Delaying claims processing is not doing good to the economy.  Our deposits as they, are frozen and very unproductive.  We could invest our deposits into small businesses that will promote trade and perhaps create employment.
Title: Re: Update on the bank run of Legacy rural banks
Post by: mlangseth on Jan 31, 2009, 08:10 AM
That's a good idea, maybe we need to hold a strike in front of PDIC and hold placards to speed up processing of our claims.
They made this mess (closing all banks at the same time) they need to mend it.
I agree, maybe they lack analysis. They should have done their job in the first place, we will not be in this mess. They allowed the 20% interest in rural banks, who am I to say no. It is PDIC- insured, so PDIC need to pay us up no matter what. We have a troubled economy already, it will be worse if they dilly dally the insurance pay outs.
Title: Re: Update on the bank run of Legacy rural banks
Post by: AbysmalSpecter on Jan 31, 2009, 08:25 AM
What I have in mind is more like a manifesto-type which we will pass around and sign and then send to Office of the President, the leaders of both Houses of Congress, the Secretary of Finance.

Of course, there will be a media component to this action.

Just my two cents . . .
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Jan 31, 2009, 08:29 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: PhilKiyosaki on Jan 31, 2009, 09:28 AM
Again, im the only one who came out here in the forum with a direct experience with PDIC due to a bank closure and I am still confident (in fact im worry-free even now) that PDIC will protect and serve us and they will pay.  PDIC at PR Bank is already close to sorting out all other documents and expects that the start of payment will be made by mid February.  Hopefully all will be well.  

PDIC is still a reliable insurer and has been made very rich by bank premiums with the low bank closure rates im the past few year.  

Let us stop being so scared about PDIC not fulfilling its mandate instead let us focus our attention how to put Mr Celso de los Angeles behind bars.  For all we know, this tactic of issuing intrigues about PDIC being incapable of servicing us is just a way for Celso to evade the heat.  Focus the beam of justice on this rodent.
Title: Re: Update on the bank run of Legacy rural banks
Post by: suzette07 on Jan 31, 2009, 10:58 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 31, 2009, 11:09 AM
My hand is clean hu.

Noli denies protecting Legacy

Todo-tanggi si House Speaker Prospero Nograles na idinawit niya si Vice President Noli de Castro sa isyu ng Legacy group. Si de Castro naman, nanindigang wala siyang pinoprotektahan.

http://www.abs-cbnnews.com/video/nation/01/30/09/noli-denies-protecting-legacy

Title: Re: Update on the bank run of Legacy rural banks
Post by: SaraM on Jan 31, 2009, 12:42 PM
Well at least the PDIC is making some money so that increases the odds of payment. I think all under 100k account will be paid by end of March. But I really don't see the bigger accounts being paid until MAY.

I also don't see the PDIC giving FACE value of TIME DEPOSITS if they were part of the Legacy 20%pa banking. I am sure they will try to shore their capital by deducting the 10% commissions that  the fat-cat agents got and also deduct the 20%pa interest to the standard 5-8% pa.  SO, those in already for 4 years will feel worse about this than those who just got in within the year. But if they do pay the face value of the TD's regardless that will be amazing. Anythoughts?
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Jan 31, 2009, 01:01 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: antiscam on Jan 31, 2009, 01:04 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Jan 31, 2009, 01:13 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Jan 31, 2009, 03:20 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Jan 31, 2009, 03:36 PM



this is what i kept on saying " giving hammer to someone to hit your own head ". we really never learn.
SARAm  I THINK HE MEANS STOP STOP GIVEING IDEAS TO pdic  THE INSURANCE HAS TO PAY US THE INSURED AMOUNT. IT"S 250,000 250,000 250,000 AND THAT IS AGREAMENT THAY HAD WITH ME. IF YOU WANT THE pdicTO TAKE ALL THESE PERCENTS OF YOUR MONEY YOU CARRY ON POSTING
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 31, 2009, 06:06 PM

Law firm, BSP execs examine RP's 2009 banking prospects
abs-cbnNEWS.com | 01/31/2009 3:42 PM



One of the largest law firms in the country has lined up top officials of the Bangko Sentral ng Pilipinas (BSP) to discuss the country's banking prospects for 2009 amid the global financial crisis.

Philippine-based law firm Romulo Mabanta Buenaventura Sayoc and de Los Angeles has invited BSP Deputy Governors Diwa Guinigundo and Nestor Espenilla Jr. and Assistant Governor and General Counsel Atty. Juan de Zuniga to a round table conference on February 10, 2009 at the Citibank Tower in Makati City.

To be attended by the banking sectors' various publics, the forum is aimed at providing an outlook for the economy in the coming months to assist banks and other financial institutions service the needs of their depositors and investors.

Other topics to be covered by the conference include the regulatory response to the closure of rural banks affiliated to the Legacy group, and how investors and depositors can detect and protect themselves against banking scams and other forms of financial fraud.

For more information, the Romulo Law Office (through Mel Maranan) can be contacted through these numbers: 848-0114 and 813-4108.






Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Jan 31, 2009, 06:47 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Jan 31, 2009, 07:03 PM
sorryman  I have not read part3 special report can you please add part 3
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Jan 31, 2009, 08:04 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Jan 31, 2009, 08:08 PM
Nograles accuses ex-PDIC head of lying.
Title: Re: Update on the bank run of Legacy rural banks
Post by: tacamonchi on Jan 31, 2009, 11:19 PM

Well at least the PDIC is making some money so that increases the odds of payment. I think all under 100k account will be paid by end of March. But I really don't see the bigger accounts being paid until MAY.

I also don't see the PDIC giving FACE value of TIME DEPOSITS if they were part of the Legacy 20%pa banking. I am sure they will try to shore their capital by deducting the 10% commissions that  the fat-cat agents got and also deduct the 20%pa interest to the standard 5-8% pa.  SO, those in already for 4 years will feel worse about this than those who just got in within the year. But if they do pay the face value of the TD's regardless that will be amazing. Anythoughts?


The only thought i have is that you are not thinking before you write.  PDIC is mandated to pay the amount of deposits up to 250k/account.  I cannot imagine a depositor entertaining the idea of accepting anything less than what he or she has deposited.   It can only make a semblance of sense if one is not a depositor but an agent provocateur.   I would never use the words: moron, imbecile, dunce, airhead, dumbass, lamebrain, dolt, dope, idiot or halfwit.
Title: Re: Update on the bank run of Legacy rural banks
Post by: SaraM on Jan 31, 2009, 11:42 PM
I really too want them to pay the face value of each 250k time deposit...I was just trying to be realistic when PDIC says after investigation or something per our fraudulent legacy accounts that they come up with some crap about something to try to shaft us. But if PDIC is what they say they are we have nothing to worry about...but, come on, all this waiting and waiting is taking its toll on all of us and I'm just trying to hang in there.
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Jan 31, 2009, 11:57 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 01, 2009, 12:14 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Feb 01, 2009, 12:20 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 01, 2009, 12:32 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: freedomfighter on Feb 01, 2009, 10:18 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: philsdutchie on Feb 01, 2009, 11:05 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Feb 01, 2009, 11:12 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: dhondiex27 on Feb 01, 2009, 11:23 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: freedomfighter on Feb 01, 2009, 12:09 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: philsdutchie on Feb 01, 2009, 12:52 PM
http://www.congress.gov.ph

Legacy owner must appear in House probe or face arrest

01 February 2009 11:30:59 AM
Writer: Gil Bugaoisan

Speaker Prospero C. Nograles today said that Legacy Group owner Celso delos Angeles must appear in the House investigation over the controversy on the 13 rural banks closed down by the Bangko Sentral ng Pilipinas or face arrest.

Nograles said Delos Angeles who has initially failed to appear during the House hearing last Friday should explain why and how his banks ran aground and answer questions on the allegations that he committed "unsafe and unsound" bank practices to defraud his banks' depositors.

Nograles also stressed that the House hearing should not be turned into a witch hunt but instead, it should result to the crafting of a legislation that can plug certain loopholes in the country's banking system.

"Legacy group owner Celso delos Angeles must appear in the House probe or face arrest. He must attend the House hearing on February 3 to clear the air. Due process requires all sides must be heard so that legislation can be crafted to plug loopholes or deficiencies in the banking and financing industries," Nograles said in a text message to media.

Nograles said Delos Angeles should explain in detail the operations of the Legacy Group which was various businesses not only in rural banking and pre-need businesses.

Nograles also reiterated that former Philippine Deposit Insurance Corporation President Ricardo Tan was "lying through his teeth" when he claimed that he sought a meeting with him to intercede for Legacy.

On the contrary, Nograles said that it was Tan who sought the meeting with him, once when he went to his office as Majority Leader for a short meeting where he even introduced himself as a relative, followed by another meeting at the Edsa Shangri-la Hotel in 2005.

Nograles said Tan was seeking his recommendation for the extension of his term as PDIC President as he was only serving the remaining term of former PDIC President Norberto Nazareno.

In the Shangri-la meeting, Nograles said that he bluntly told Tan that it would be awkward for him to recommend him because he is a nominee of former Finance Secretary Lito Camacho who took part in the Hyatt 10 which withdrew their support for President Arroyo.

The only topic that concerned banks, Nograles said, was his inquiry on when the PDIC would pay off the depositors of two closed Davao rural banks that are completely unrelated to Legacy.

Nograles said that Tan was also lying when he claimed that the Speaker's brother Jose replaced him as PDIC President.

"He was obviously sourgraping because he still thought that it was my brother who replaced him. He was wrong because it was Mike Osmena who replaced him but his term was cut short when he passed away because of cancer in 2007. That was the only time that my brother took over as PDIC President being a nominee of Finance Secretary Gary Teves," he said.
Title: Re: Update on the bank run of Legacy rural banks
Post by: dasaint on Feb 01, 2009, 12:59 PM
Sadly things like these are the reason I prefer to keep my money outside of the Philippines :(.
Title: Re: Update on the bank run of Legacy rural banks
Post by: freedomfighter on Feb 01, 2009, 01:54 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: todjikid on Feb 01, 2009, 03:17 PM

Sadly things like these are the reason I prefer to keep my money outside of the Philippines :(.


if this creates a dent to the confidence in the already battered financial industry --- bsp will get more than they bargained for.

and pdic should pay up.NOW.
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Feb 01, 2009, 03:49 PM



if this creates a dent to the confidence in the already battered financial industry --- bsp will get more than they bargained for.

and pdic should pay up.NOW.




Who can tell what will happen next??!!  PDIC may now be a pawn of the government - PDIC will drag its feet on pretext of this and that and nothing will happen (no claim payout except below 100,000.00) until opposition congressmen and congresswomen switch alliance.



Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 01, 2009, 08:40 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 01, 2009, 08:47 PM
House, Senate to probe pre-need industry woes Monday
02/01/2009 | 02:18 PM

MANILA, Philippines - Lawmakers on Sunday threatened to order the arrest of the owner of Legacy Group, Celso delos Angeles, if he fails to show up at the resumption of the House of Representatives hearing on Monday.

House Speaker Prospero Nograles Jr. said it is important for Delos Angeles to show up and air his side in the controversy over the closure of Legacy's 13 rural banks by the Bangko Sentral ng Pilipinas (BSP).

"Legacy group owner Celso delos Angeles must appear in the House probe or face arrest. He must attend the House hearing on February 3 to clear the air," Nograles said in a press statement.

Nograles said Delos Angeles should explain the operations of the Legacy Group, which owns various businesses not only in rural banking and pre-need businesses.

Nograles earlier belied former Philippine Deposit Insurance Corporation president Ricardo Tan's claim that he had sought a meeting with him to intercede for Legacy. He said Tan was seeking his recommendation for the extension of his term as PDIC president as he was only serving the remaining term of former PDIC President Norberto Nazareno.

The Senate, meanwhile, will start its own hearing into the pre-need industry's woes on Monday.

Among those invited as resource persons were leaders of the pre-need industry, Finance Secretary Margarito Teves, Securities and Exchange Commission (SEC) head Fe Barin, and leaders of organizations of pre-need plan holders.

In a statement, Senate Trade Committee Chairman Manuel Roxas II said their investigation would take off from the passage of the Pre-Need Code.

The Senate investigation stemmed from an industry position paper claiming that the value of the pre-need industry's trust fund has dropped by P40 billion, thus triggering fears of its imminent collapse.

"Additional legislation may be needed to protect consumers' interest, and due to the wide-ranging and catastrophic impact of the global financial crisis in other markets abroad, it is our primary responsibility as the country's leaders to ensure our investing public will not be in the losing end again this time," Roxas said
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 01, 2009, 08:57 PM
Noli denies protecting Legacy
Todo-tanggi si House Speaker Prospero Nograles na idinawit niya si Vice President Noli de Castro sa isyu ng Legacy group. Si de Castro naman, nanindigang wala siyang pinoprotektahan.

Now who is going to give our money back
http://www.abs-cbnnews.com/video/nation/01/30/09/noli-denies-protecting-legacy
Title: Re: Update on the bank run of Legacy rural banks
Post by: Nemo on Feb 01, 2009, 09:12 PM
I guess when they say, we are looking into that-- it translates to "let me see if we could milk more lagay money from these legacy crooks"   :help:
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Feb 01, 2009, 09:25 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 01, 2009, 09:38 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: antiscam on Feb 01, 2009, 10:44 PM
Current PDIC President is Jose Nograles the BROTHER of Speaker Nograles-the alleged protector of CDLA and legacy...let's see who gets paid this time? One thing I know for sure though is that Speaker Nograles was already paid his 30million investment outright and in full last December 2008 according to the VP of Legacy Davao-Janet Ortiz!How about all of us lads? I suggest we all become Speaker of the House first and also appoint our brother at PDIC...HAHAHA!!!
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 02, 2009, 12:42 AM
Pre-need firm owner Angeles has 'bombshell' for Senate probe
02/01/2009 | 09:30 PM
if he really want to pay are money. he should help,

http://www9.gmanews.tv/video/35783/Pre-need-firm-owner-Angeles-has-'bombshell'-for-Senate-probe
Title: Re: Update on the bank run of Legacy rural banks
Post by: todjikid on Feb 02, 2009, 07:46 AM
yan ang problema if you place a delicate issue under the scrutiny of politicking whacks. kaya ngayon puro damage control ang BSP. as if they don't have the recession to think about. Control is the name of the game, and bsp stupidly gave it up when it blow the issue up (not necessarily out of proportion).

PDIC should hush all of us and pay us all up. ASAP.

End it. Don't make better rules. Better regulation.

Title: Re: Update on the bank run of Legacy rural banks
Post by: mlangseth on Feb 02, 2009, 07:51 AM
BSP is being reactive not proactive..
Ok so be it, they still need to prioritize their actions.
They need to pay us up first and foremost to stop bleeding from the rural banks.
PDIC need to act on its promise to pay the insured amount and maybe just shut up and do their job.
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 02, 2009, 08:32 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: lowprofile on Feb 02, 2009, 10:13 AM
Waterfront and all,

Unfortunately now PDIC is trying to pass on the hot potato to BSP by asking for a 14B loan, and BSP keeps on reminding people that our banking industry is stable w/o acting promptly on how to close out the LFB banks payout which have been pending for 2 mos...

BSP, we need more ACTIONS from your side and less talk....  

The only way u can calm down people and restore public trust is by speeding up the PDIC payout and don't include us in the current politcal mess involving congressmens, etc...

BSP and PDIC please do MORE and talk LESS please....
Title: Re: Update on the bank run of Legacy rural banks
Post by: antiscam on Feb 02, 2009, 11:30 AM
Again I am proven correct with regards to Speaker Nograles as a protector of CDLA...Let me add one more title to this "trapo of all trapos" Speaker Nograles. He is also a partner to this Legacy Scam...Watch the outcome after the purported investigation...CDLA will be forgiven with a suspension from doing any banking activitties and to pay some fine- maybe just a few million...Just a slap on the wrists.....CDLA can go along with his life enjoying all the billions he stole along with the usual share of the booty to the Speaker.....CDLA will then start another SCAM coz we all know that GREED cannot be quenched...CDLA will use a dummy businessman for his new scam...Just watch out.....

PS...Anyway, the Speaker will be forever frustrated with his ambition to be a Mayor of Davao...Rodrigo Duterte (his Daughter will be his proxy) will still win...But then again why should the Speaker just gun for Mayor when he can now gun for the Presidency itself...Our money with Legacy can help him with this undertaking....Its a bad and perilous world we all live in....
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 02, 2009, 11:41 AM
if only aggrieve investors and depositors can exterminate using merely their mental telepathy, i am sure a lot of corrupt and inept government officials will be gone by now.
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 02, 2009, 02:25 PM

if only aggrieve investors and depositors can exterminate using merely their mental telepathy, i am sure a lot of corrupt and inept government officials will be gone by now.
can we do that will my 2 ex wifes lol :cool2:
Title: Re: Update on the bank run of Legacy rural banks
Post by: philsdutchie on Feb 02, 2009, 03:21 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 02, 2009, 04:01 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 02, 2009, 04:01 PM
Barin admitted later in the inquiry that the SEC might have had shortcomings, citing a lack of manpower, an answer that did not sit well with Enrile and Roxas.

this is the usual "old song" sang by every incompetent government officials when they intentionally connived with lawbreakers and outlaws.

as a simple citizen, try not submitting your corporate reports to the SEC on time and sing the same "old song" that Barin sang. your excuses will not only fell to deaf ears, SEC will charge your company with exhortant fees and penalties immediately. lousy and spoiled stupid SEC brat!

Barin's excuses are unacceptable. she should be slapped whatever punishment corresponding to her grievous mistakes to the fullest extent of the law.
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 02, 2009, 04:29 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: lowprofile on Feb 02, 2009, 04:33 PM
Guys,

Assuming that CDLA's harassment claim is valid, then how can a 1M unpaid debt cause the downfall of a 14B network of banks? It's a very ridiculous story...

I believe CDLA and politicians had major disagreements last Dec which led to the LFG banks downfall.

Imagine PDIC Nograles claiming a lot of issues with LFG banks when they closed it while his brother was it's #1 investor??? Maybe the anomality started only after Cong Nograles pulled out his 30Mphp investment
Title: Re: Update on the bank run of Legacy rural banks
Post by: wintan2006 on Feb 02, 2009, 04:44 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 02, 2009, 05:04 PM
Congressmen, however, said this could violate the PDIC charter, which provides that borrowings from the BSP should be for insurance purposes and not for paying off depositors.

i heard talks going on na "tanga ang mga Congressmen na iyan". the Php14B that PDIC will borrow is intended for the payment of the "insurance claims of all depositors of the closed rural banks whose deposits are covered by the law and not for other purposes".

if we continue to have these kind of lawmakers, our country will drift to nowhere, tsk,tsk,tsk .... kawawa tayo dito sa pilipins!
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Feb 02, 2009, 05:11 PM


We are always moving a step forward and two steps backwards.  The only thing that is helping our nation is the OFW; without them, we are already like some of the poorest African nations.


Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Feb 02, 2009, 05:11 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: SaraM on Feb 02, 2009, 05:12 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Feb 02, 2009, 05:21 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: ice_man101 on Feb 02, 2009, 06:10 PM
sir masyado ka nman mainit, i think she is referring to the 1st article, and one thing this is an update thread and not an opinion thread as stated by FG..

thanks! peace to all.
Title: Re: Update on the bank run of Legacy rural banks
Post by: philsdutchie on Feb 02, 2009, 06:17 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 02, 2009, 06:33 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 02, 2009, 06:59 PM




BSP may not be allowed to lend P14 billion to PDIC to pay off depositors' claims since this is a violation of the PDIC charter -so how can this be good news??




i think your right mt88  saraM  is on drugs this is really really bad news. saraM you working for PDIC,
Title: Re: Update on the bank run of Legacy rural banks
Post by: ric_TNT on Feb 02, 2009, 07:23 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: philsdutchie on Feb 02, 2009, 07:46 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: tacamonchi on Feb 02, 2009, 07:59 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 02, 2009, 08:09 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 02, 2009, 08:21 PM
Senators scold SEC on failing pre-need companies
02/02/2009 7:03 PM


Sinabon ng mga senador ang mga opisyal ng Securities and Exchange Commission! Wala raw ginawang aksyon ang SEC laban sa dalawang bumagsak na pre-need companies sa ilalim ng Legacy Group.

http://www.abs-cbnnews.com/video/business/02/02/09/senators-scold-sec-failing-pre-need-companies
Title: Re: Update on the bank run of Legacy rural banks
Post by: mlangseth on Feb 02, 2009, 08:23 PM
Lovely!! Now we're seeing something good here..

Let the guilty be put to prison and pay up the PNBB, esp for the common people who need them.
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 02, 2009, 08:25 PM

Lovely!! Now we're seeing something good here..

Let the guilty be put to prison and pay up the PNBB, esp for the common people who need them.
im common im common can i have my 2.6 pleaseeeeeee
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 02, 2009, 10:08 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 02, 2009, 10:40 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Feb 02, 2009, 10:57 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: ric_TNT on Feb 02, 2009, 11:26 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Feb 02, 2009, 11:47 PM



That's exactly my point Mr Kermit208. It is PDIC's obligation to pay the Legacy investors (i.e. the relationship is between PDIC-banks-Legacy-investors). BSP has no direct or indirect transactions on these, so why should they be dragged on this, isnt it ?

Just my two cents.  :D

 



I believe you made a typing error.  PDIC obligation is to pay a failed bank's depositors up to max limit of P250,000.00 (and NOT legacy's investors).





Title: Re: Update on the bank run of Legacy rural banks
Post by: SaraM on Feb 03, 2009, 12:05 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 03, 2009, 06:01 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: todjikid on Feb 03, 2009, 07:35 AM
so sabi ng BSP na 6% ang allowable risk, sa Philippine Star article...does this mean that the other investments that we have with other rural banks are unstable? So kung magpuntahan ang mga tao sa mga bangko at mag withdraw at magroon ng bank run dahil sa binitawan nilang mga salita, sino sisihin nila! I just want to illustrate that these are the people who should be labeled "destabilizers". Eh sila tong namumuno na sa speculation!
They should keep quiet and intensify their regulation duties! Sa nakikita natin ngayon, they're making a mockery of the institutions themselves!

Bitaw ng bitaw ng salita tong mga mokong na to, unmindful of the implications...Tapos kung anu-anong press release about non existing text messages! THey're the very people who are rocking their own boat!

tapos kung magka bank run, sisisihin ang mga nag speculate, but they're the ones pouring the gasoline.

eto pa, ang mga issues ng splitting of deposits. Ano ang fraudulent dun? eh bobo lang talaga ang mga to. sisihin ba nila kung nag-iisip ang mga investors. Eh pera nila yan. sila mismo ang hindi nagbabasa ng charter nila.

grabe, this people are unbelievably dumb.
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 03, 2009, 09:54 AM
Barin admitted later in the inquiry that the SEC might have had shortcomings stemming from the lack of personnel working for the commission. But she said she would leave it up to senators to judge if they had been negligent or inefficient.

"Kami po, may mga records sa aming opisina, and we can stand on our records. If the office is being investigated, they're willing to submit all documents and to show for you to make a judgment. If in the end, the judgment is we have been negligent, we have been inadequate, we have been inefficient, nasa sa inyo po ang desisyon," she said.


this was what the incompetent and lousy Fe Barin of SEC admitted.

for not protecting the public's interest, SEC should be made to pay all the Legacy planholders for the damages. then it is up to the government to run after and prosecute the cunning and devious owner of Legacy to the fullest extent of the law (loko-loko).
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 03, 2009, 10:47 AM
Planholders in Negros to file suit vs preneed firm
02/03/2009 | 05:07 AM

MANILA, Philippines - Planholders of the preneed firm Legacy Group in Dumaguete City, Negros Oriental have banded to take legal action against the company, an online news site reported.

Visayan Daily Star reported that the "Legacy Investors Victims Coalition" was formed to take Legacy Group to court for its supposed "double your money" scheme.

"They should be dealt the full measure of our laws and be made to answer for all wrongs they committed, especially to their Negrense investor-victims," said the group's lawyer, Raymund Mercado.

Mercado said what happened could have been another variant of the Ponzi scheme, a dubious one that defrauds people, takes their money and eventually leaves them with an empty bag.

"That is most unfair, and we are determined to go after those unscrupulous people to vindicate the rights of their Negrense victims," he said.

Mercado said a local trader victimized by the recent scam intimated that he intends to recover the principal of his "investment" and the stipulated interest and other damages.

Another victim is an overseas Filipino worker who said she lost P200,000 of her hard-earned savings in the "double your money" scheme of the Legacy Group.

He said it has been estimated that Negros Oriental residents were collectively duped into the scam to fork out at least P90 million.

The victims said their lawyers are now collating documents and other papers in preparation for administrative, civil and criminal complaints that will be filed soon.

Also, they invited fellow victim-investors to join their cause to consolidate their collective claims and make a stronger impact against the Legacy scammers.

The Securities and Exchange Commission, in a notice dated January 15, 2009, informed the public that Legacy group's pre-need companies including Legacy Consolidated Plans, Inc.; Scholarship Plan Phils., Inc.; and All Asia Plans Corporation, have unilaterally ceased operations without obtaining prior approval from the corporate regulator.

Also, SEC advised legitimate planholders to file their respective sworn complaints on or before March 31, 2009 with the Non-traditional Securities and Instruments Department of the Commission
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 03, 2009, 11:05 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: GoodSteward on Feb 03, 2009, 11:07 AM
korek ka dyan todjikid, i have the same observation.

I read that 6percent thingy, they are outrightly dumb, irresponsible, senseless, baseless u name it...
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 03, 2009, 11:10 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 03, 2009, 11:22 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 03, 2009, 11:28 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 03, 2009, 11:40 AM
Legacy's planholders want to recoup all their money.

http://www.gmanews.tv/video/35851/-Saksi--Legacy%27s-planholders-want-to-recoup-all-their-money
Posted on: Feb 03, 2009, 11:35 AM
Legacy Plan owner faces Senate probe live video

http://www.gmanews.tv/video/35834/-QTV-Legacy-Plan-owner-faces-Senate-probe
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Feb 03, 2009, 11:45 AM
SEC chief rejects call for her resignation  ( Bakit kulang pa ba ang .....) -  :hihi:
02/03/2009 | 09:13 AM

MANILA, Philippines - Securities and Exchange Commission chairperson Fe Barin on Tuesday rejected calls for her resignation, stressing that only President Gloria Macapagal Arroyo could tell her to do so.

In a radio interview, Barin said she will not abandon her post on the say-so of some sectors over the mess involving some pre-need agencies that went bankrupt.

"Kung ang nag-appoint sa akin ang nagsabi ako ay palitan, hindi ako magtatagal ng isang minuto [If the one who appointed me tells me to leave, I won't stay a minute longer]," she said in an interview on dzXL radio.

President Arroyo appointed Barin as SEC chief on Aug. 18, 2004. She assumed the post formally on September 1 that year.

Earlier, Senate trade committee chairman Manuel Roxas II called on Barin to resign for failing to protect plan-holders of some pre-need firms that went under.

In a separate interview on dzXL radio earlier, Barin junked calls to summarily suspend troubled pre-need firms, saying her agency is looking after the welfare of pre-need plan-holders.
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 03, 2009, 12:08 PM
grabe oy! makapal talaga ng balat at mukha! singkapal ng gulong ng payloader!

kung sa Japan pa nangyari ito, ang counterpart ni Barin ay magsuicide na sa kahiyaan. marukoy at walang hiya talaga mga tao dito sa pinas.
Title: Re: Update on the bank run of Legacy rural banks
Post by: antiscam on Feb 03, 2009, 04:08 PM
I hope you bought any major newspapers today like the Inquirer or Philippine Star coz finally Legacy grabbed the headlines this time. Legacy is now tagged as a FRAUD. Anyway, I also hope you have read completely all the articles and contents of the relatively extensive coverage of the LEGACY FRAUD by the newspapers....

As per the reports, CDLA claimed that Speaker Nograles invested 18Million pesos with the PBB program of Legacy...But as per the revelation of Janet Ortiz, the VP of Legacy Davao, Speaker Nograles was paid a total of 30Million last December 2008...Now you all be the judge of all this but in my book the difference in amount is what I call "protection" money...So in other words, in return for protection from lawsuits and other legal fallouts, Speaker Nograles accepted 12Million pesos from CDLA...Whew! my assumption that the Speaker is really an accomplice is proven once again...Guess where the 12Million pesos came from? You guessed it right-from the money owed to all Legacy Investors...There is a Filipino expression relating to this, its called "Ginisa sa sariling mantika" (trans. Fried by their own body fats.).....  
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 03, 2009, 07:16 PM
i happened to pass by a group of people talking about the closed Legacy rural banks. i heard their rumors say that some funds of PDIC were placed in Legacy banks to take advantage of the high interest rates.

unfortunately the legacy rural banks were closed by the BSP. those funds were stuck in several banks. the rumors said that PDIC was intentionally delaying the payout of the depositors insurance claims because they are still doctoring the documents to change some names and the amounts to be able to get back the funds by availing the insurance coverage. have you heard of stories like this and how true is this?
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 03, 2009, 07:31 PM

i happened to pass by a group of people talking about the closed Legacy rural banks. i heard their rumors say that some funds of PDIC were placed in Legacy banks to take advantage of the high interest rates.

unfortunately the legacy rural banks were closed by the BSP. those funds were stuck in several banks. the rumors said that PDIC was intentionally delaying the payout of the depositors insurance claims because they are still doctoring the documents to change some names and the amounts to be able to get back the funds by availing the insurance coverage. have you heard of stories like this and how true is this?
waterfront anythink is possible were in philippines . but i think a lot of it is just rubbish. as long as you me and everyone else gets there insured amount back lets be happy about it .there will allways be people makeing things up.(maybe people that work for legacy group to course us problems )i think the delay is PDIC  trying to get loan to pay us becouse there funds are tied up in long term investments
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Feb 03, 2009, 07:40 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 03, 2009, 08:15 PM
kermit and mt88, the best solution here is for PDIC for fast track the release of depositors insurance claim so that these nasty rumors and speculations will be contained immediately.

the longer they delay, the more malicious rumors and speculations will crop up from time to time. paging PDIC, wake up and do your job.
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 03, 2009, 09:21 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 03, 2009, 09:27 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 03, 2009, 10:09 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Feb 03, 2009, 10:16 PM
MANILA, Philippines - half of Philippine investors said that there business are bad due to
legacy consolidated mess. lot of investor have waiting for there money to be return.
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 03, 2009, 10:58 PM

MANILA, Philippines - half of Philippine investors said that there business are bad due to
legacy consolidated mess. lot of investor have waiting for there money to be return.
problem you have is a lot of investers watching what PDIC  do about this mess. it must be putting investers of putting money into any banks in philippines as there covered by pdic  and thay are dragging there feet . we all need our insurance to just  live. then think about re/investing it
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 04, 2009, 01:04 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 04, 2009, 01:35 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 04, 2009, 01:38 PM
SEC chief bats for clearer law for pre-need firms
02/04/2009

MANILA, Philippines - Even as she rejected anew calls for her resignation, Securities and Exchange Commission (SEC) chairwoman Fe Barin told lawmakers Wednesday to come up with a clearer law on pre-need firms.

Barin said in a radio interview that while the SEC is making do with limited resources to monitor pre-need firms, lawmakers also have to craft laws governing pre-need firms.

"Kahit kailan di namin sinabi [na] mahina ang batas. Kung magkaroon ng mas malinaw na batas [na] dedicated sa pre-need plan, mas makakatulong yan [I never said the law is weak. What I was saying is that we need a law dedicated to governing pre-need firms]," she said in an interview on dzXL radio.

She said the SEC had been battling the lack of funds and resources in checking pre-need firms and other corporations it is tasked to monitor.

On the other hand, she reiterated her refusal to heed lawmakers' calls for her resignation.

Barin pointed out she should not be blamed alone because the SEC is a collegial body.

"Hindi ko dinadamay ang member ng commission pero mabuti lang maliwanag [na] ang decision ng SEC, decision ng commission [I am not dragging any SEC member into this but I want to make it clear our decisions are collegial]," she said.

On the other hand, she reiterated she will stay at her post until President Gloria Macapagal Arroyo, who appointed her to her post in 2004, tells her to quit.

"It's a fixed term of seven years, to end in March 2011," she said
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 04, 2009, 01:40 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 04, 2009, 01:43 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 04, 2009, 01:53 PM
Enrile to Arroyo: Sack negligent SEC officials

nice idea!!! instead of beheading (heads will roll), these negligent SEC officials will be placed in sacks. then pile them one by one inside the Senate building like "sacks of rice".
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 04, 2009, 01:53 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Feb 04, 2009, 02:01 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 04, 2009, 02:06 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Feb 04, 2009, 02:29 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 04, 2009, 05:55 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 04, 2009, 06:09 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 04, 2009, 07:08 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: mlangseth on Feb 04, 2009, 07:39 PM
i see a blaming game here. Nobody wants to accept accountability!! Be more matured than that !! :bahalaka:
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 04, 2009, 10:11 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: workoshore on Feb 04, 2009, 10:30 PM

i see a blaming game here. Nobody wants to accept accountability!! Be more matured than that !! :bahalaka:


day, yan ang magandang strategy...put into use the index fingers... >:(

cheers... :cool2:
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 05, 2009, 12:01 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: SaraM on Feb 05, 2009, 12:58 AM
Go Gloria!  :applause:  :thankyou: We need you to  :yoohoo: some people out!
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 05, 2009, 07:49 PM

PDIC meets with depositors of closed rural banks in Laguna

http://www.gmanews.tv/video/36050/QTV-PDIC-meets-with-depositors-of-closed-rural-banks-in-Laguna
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 05, 2009, 07:59 PM


PDIC meets with depositors of closed rural banks in Laguna

http://www.gmanews.tv/video/36050/QTV-PDIC-meets-with-depositors-of-closed-rural-banks-in-Laguna

thank for that gta4 i tried to look but i live in middle of jungle so only on dial up lol.from what i read PDIC  is still trying to get the loan to pay us .mmmmm intresting
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 05, 2009, 09:34 PM
SEC chief seeks fiscal, admin autonomy

By Joel Guinto
First Posted 17:31:00 02/05/2009
Filed Under: Government

MANILA, Philippines -- The chairperson of the Securities and Exchange Commission (SEC) is seeking "financial and administrative autonomy" for the regulatory body so that it could acquire the resources to handle the troubled pre-need industry.

Amid calls for her resignation, SEC chairperson Fe Barin maintained that the SEC had not been remiss in its duties and that she was leaving her fate to President Gloria Macapagal-Arroyo.

Barin said the SEC budget has been decreasing and was allocated only P241 million in 2008.

She said the regulatory body had 400 employees; of this, 70 were deployed in seven regional offices.

"If we could be given financial and administrative autonomy so we can have the right number of people with the right salaries, and the right expertise, then efficiency will be achieved," Barin told a news conference at the Palace on Thursday.

"Up to this time, I cannot accept allegations that we have been negligent... We exert effort to perform the functions of our office," she said.

Barin said the SEC had no licensed actuaries, only personnel who "understand actuarial science," adding actuaries, or those who assess risks in financial institutions such as pre-need companies, were an "expensive commodity."

She said she would not oppose proposals to transfer the regulation of pre-need firms from the SEC to the Insurance Commission.

Barin urged the public to consult the SEC help desks at their Manila office for questions on their pre-need plans.

The pre-need industry's woes were highlighted again after the Legacy Group, which has around 500,000 plan holders, closed down in January. Congress is investigating the matte
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 06, 2009, 08:17 AM

SEC chief seeks fiscal, admin autonomy

By Joel Guinto
First Posted 17:31:00 02/05/2009
Filed Under: Government

MANILA, Philippines -- The chairperson of the Securities and Exchange Commission (SEC) is seeking "financial and administrative autonomy" for the regulatory body so that it could acquire the resources to handle the troubled pre-need industry.

Amid calls for her resignation, SEC chairperson Fe Barin maintained that the SEC had not been remiss in its duties and that she was leaving her fate to President Gloria Macapagal-Arroyo.

Barin said the SEC budget has been decreasing and was allocated only P241 million in 2008.

She said the regulatory body had 400 employees; of this, 70 were deployed in seven regional offices.

"If we could be given financial and administrative autonomy so we can have the right number of people with the right salaries, and the right expertise, then efficiency will be achieved," Barin told a news conference at the Palace on Thursday.

"Up to this time, I cannot accept allegations that we have been negligent... We exert effort to perform the functions of our office," she said.

Barin said the SEC had no licensed actuaries, only personnel who "understand actuarial science," adding actuaries, or those who assess risks in financial institutions such as pre-need companies, were an "expensive commodity."

She said she would not oppose proposals to transfer the regulation of pre-need firms from the SEC to the Insurance Commission.

Barin urged the public to consult the SEC help desks at their Manila office for questions on their pre-need plans.

The pre-need industry's woes were highlighted again after the Legacy Group, which has around 500,000 plan holders, closed down in January. Congress is investigating the matte
[/color]

WHY ONLY NOW??????? a lot of damage had already been done to different pre-need planholders, investors, and creditors.

i think that it is fair and equitable to let the Securities and Exchange Commision (SEC) pay for all the damages that Legacy pre-need planholders, investors, and creditors incurred as the result of their recent "negligence, laziness and incompetence".  

then let the government run after the "Criminal Genius - Celso delos Angeles" ( as what Zambales Representative Antonio Diaz calls him )and his cohorts, and prosecute them to the fullest extent of the law!
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 06, 2009, 09:18 AM



WHY ONLY NOW??????? a lot of damage had already been done to different pre-need planholders, investors, and creditors.

i think that it is fair and equitable to let the Securities and Exchange Commision (SEC) pay for all the damages that Legacy pre-need planholders, investors, and creditors incurred as the result of their recent "negligence, laziness and incompetence".  

then let the government run after the "Criminal Genius - Celso delos Angeles" ( as what Zambales Representative Antonio Diaz calls him )and his cohorts, and prosecute them to the fullest extent of the law!

thats to hard waterfront thay will just keep takeing it of ofw  and your sss its ok no one complain about it . and when pinoys get old there be no money left. but who cares the goverment doesent it wont be in power then so spend spend spend and all ones in sec and PDIC  will be ok thay have enouth money
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 06, 2009, 09:51 AM
kermit, i still believe that the SEC have caused all these mess and damages and "should be made to pay for all the damages for their negligence, laziness and incompetent".

i think that i will suggest this to my lawyer as a test case to see how far their irresponsibilities will take them.
Title: Re: Update on the bank run of Legacy rural banks
Post by: SaraM on Feb 06, 2009, 11:49 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 06, 2009, 12:54 PM
this PDIC forum is a waste of time, money and effort. why conduct such a forum? all the depositors need is for PDIC to pay their insurance claims on time. no "ifs and buts" period, period, period!

i am sure that a lot of questions will just be answered in this way:

               1."we don't know when the payment for 100T and above"
               2. "it is up for our president to order when to pay the depositors with CTD of 250T"
               3. "wait for further announcements"  
               4. " i don't know..........i don't know..........i don't know..........i don't know.........." blah, blah
                                blah, blah, blah!!!!"  
it is sad meeting these idiots and hearing these answers.
Title: Re: Update on the bank run of Legacy rural banks
Post by: GoodSteward on Feb 06, 2009, 01:50 PM
Lets wait and see...

Its a coordinated move by PDIC to inform depositors, lets see what they have to offer.

I guess the reason they call these forums simultaneously is to prevent false rumors from spreading.

They better come up with relevant and positive information.
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Feb 06, 2009, 01:59 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 06, 2009, 05:44 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 06, 2009, 05:49 PM
SEC chided for failure to stop Legacy

MANILA -- Senator Manuel Roxas II castigated Monday the Securities and Exchange Commission (SEC) for its failure to stop the Legacy Consolidated Plans Inc. from selling policies despite informing it about the company's status as early as 2008.

"I don't know what you guys are doing in the SEC. You should protect the interest of the public at all cost," Roxas told the SEC representatives.

SEC Chair Fe Barin has to leave early during Monday's Senate inquiry on the impending collapse of the pre-need industry due to important meeting. Thus, SEC Director Jose Aquino was left grilled by the senators since pre-need companies are under his division, non-traditional securities and instruments department.

Aquino has been urged by Senators Roxas and Rodolfo Biazon to resign for his failure to answer directly even simple questions regarding his department.

A federation of 20 pre-need companies traced the falling income of their investments to the global economic crisis, which is beginning to hit even other local business sectors, specifically the electronics industry.

"The real cause of the problem is the global economic crisis," Jose Miguel Vasquez, president of the Philippine Federation of Pre-need Companies, said during Monday's Senate inquiry.

However, Parents-Enabling Parents Coalition president Philip Piccio did not buy Vasquez's line, saying: "they are just using the global crisis as escape goat."

In an effort to protect the interests of the pre-need plan holders, Roxas required the pre-need federation to come out as soon as possible with the business status of its members.

Celso delos Angeles, majority stockholder of the Legacy Consolidated Plans Inc., also partly blamed the global economic slowdown to the collapse of his company.

Delos Angeles, an incumbent mayor of Sto. Domingo town in Albay, revealed to the panel his other businesses, including a double-your-money scheme, where the family of House Speaker Prospero Nograles invested P18 to 20 million.

Under the scheme, which Roxas called "pyramiding", an individual who bought insurance policy from the Legacy Plans can sell it to Legacy Card in order to double his or money within the period of five years.

Delos Angeles called it "innovative plan" but Bangko Sentral ng Pilipinas (BSP) said the Legacy is not allowed to do the scheme.

The SEC agreed with the BSP and may even file a case against the Legacy Group, which also operated Legacy Motors.

The Legacy Plans needs to triple its P330-million trust fund deposited in different banks to pay all its plan holders. (PNA)
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Feb 06, 2009, 06:16 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 06, 2009, 06:21 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Feb 06, 2009, 06:25 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 06, 2009, 06:56 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: lowprofile on Feb 06, 2009, 07:19 PM
Guys,

Waterfront is 100% correct, there was no announcements made on the timeline and I felt that the open forum should be for 1st time depositors (Bagito) who doesn't have any idea of how to claim...

I wasted half day to go there and sit in a hot room and come out w/o any new knowledge and still have the same questions lingering "when are u going to pay up" PDIC?????

It's really frustrating...
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 06, 2009, 07:30 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 07, 2009, 09:44 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: mlangseth on Feb 07, 2009, 08:00 PM
Plain and simple- trash, rubbish, incompetent,lazy bones, manana habit, utak biya, utak ipis - all characteristics of our government !!
But still the same, we try to help by putting our funds in the banks.
Now, this is what they're doing-??  :evil:
They need to act fast and furious !
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 07, 2009, 08:48 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 07, 2009, 08:54 PM
petite, ugly face and corrupt monsters, better watch out kermit, they can pass through your 9 ft wall without climbing  ...  :watchuthink: :D
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 07, 2009, 09:07 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: mlangseth on Feb 07, 2009, 09:16 PM
^^ :applause: we also have our own monitoring device.
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 07, 2009, 09:35 PM

^^ :applause: we also have our own monitoring device.
mlangseth YOU HAVE TO  DAY EVEN IN UK  sorry caps  we had cctv on cars bas --- rds in uk would scratch your car if you had a nice one .ass holes lol we have 2 dobbermans and german sherpard to :) thay run loose most day . never to much security and other things i want put in here wink wink but better to be safe than sorry ( like useing a condom lol) :hihi:( think ill get some pelling lessons when im back in uk :)
Title: Re: Update on the bank run of Legacy rural banks
Post by: SaraM on Feb 07, 2009, 09:45 PM
What happened at the Mandaue city sports complex today in Cebu?
Title: Re: Update on the bank run of Legacy rural banks
Post by: shellane on Feb 08, 2009, 08:36 PM
130,000 in Central Visayas affected by Legacy collapse

--------------------------------------------------------------------------------

by CARMI CAVANLIT, ABS-CBN News Cebu | 02/07/2009 10:46 PM

Printer-friendly version | Send to friend

Philippine Deposit Insurance Corporation (PDIC) conducted a depositor's forum in front of more than a thousand depositors from Cebu City who were affected by various bank holidays of the bankrupt Legacy Group of Companies at the Mandaue City Sports Complex.

The PDIC panel was composed of Ferdinand Beluan of Receivership and Liquidation Dept., Atty. Elaine Deticio- AVP for Claims Processing Dept., Teresita Gonzales- Recounting and Liquidation Group, and other PDIC Executives.

More than 130,000 depositors in Central Visayas were affected by the bank holiday, 25,000 of whom are from Cebu depositors in 5 banks under the Legacy Group of Companies.

During the forum, PDIC announced the schedule of claims, where depositors with deposits 100,000 and below can claim their P 250,000 insurance starting February 13.

Depositors with deposits above P 100,000 can start claiming their insurance starting March 1, 2009.

Depositors are reminded to bring the original Pass Book, an ID issued by the government and the accomplished claim form.
Title: Re: Update on the bank run of Legacy rural banks
Post by: stevejjbb on Feb 08, 2009, 10:18 PM

Depositors with deposits above P 100,000 can start claiming their insurance starting March 1, 2009.


Is this true. Does it include 250K also? I thought dates for these were yet to be announced.
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 10, 2009, 02:33 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 10, 2009, 02:39 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 10, 2009, 02:52 PM
if thay are aying that the returns 20% are to hugh all those that invest in CLS banks are open to PDIC not paying if thay close as of yesterday CLS BANKS ARE STILL OFFERING 18%(BECOUSE THAY NEED THE MONEY TO PAY THE CHECKS OF V8 INVESTERS )so v8 investers are putting all our time deposits in danger .becouse thhe bank CLS are paying 18% just to keep the bank running trying to draw new investers in to pay v8 checks that KEEP BOUNCEING EVEN THE SECOUND LOT OF CHECKS HAVE BOUNCED AND NEED TO BE REPLACED  AGAIN FFS WHAT IS THIS BANK DOING, MANY V8 INVESTERS HAD GOODS FROM THERE SHOPS WASHING MACHINES BIKES JUST TO GET SOMETHINK BACK
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 10, 2009, 03:23 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 10, 2009, 03:28 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: Bitster on Feb 10, 2009, 07:50 PM

if thay are aying that the returns 20% are to hugh all those that invest in CLS banks are open to PDIC not paying if thay close as of yesterday CLS BANKS ARE STILL OFFERING 18%(BECOUSE THAY NEED THE MONEY TO PAY THE CHECKS OF V8 INVESTERS )so v8 investers are putting all our time deposits in danger .becouse thhe bank CLS are paying 18% just to keep the bank running trying to draw new investers in to pay v8 checks that KEEP BOUNCEING EVEN THE SECOUND LOT OF CHECKS HAVE BOUNCED AND NEED TO BE REPLACED  AGAIN FFS WHAT IS THIS BANK DOING, MANY V8 INVESTERS HAD GOODS FROM THERE SHOPS WASHING MACHINES BIKES JUST TO GET SOMETHINK BACK


Now either Gaz (Kermit208) is trying to be funny, or he simply has not got a clue what is going on?

CLS Group is NOT connected to Legacy Group, and the BSP have done Audits and investigated them thoroughly.

Have you tried placing a Peso Time Deposit with these Banks in CLS Group lately?

I doubt it sine you would know that 18%pa is not available anymore since discussing this with BSP and PDIC.

You Gaz have not become a 'V8 Motorcycle & Parts Dealer', so what do you know about that business?

'V8 Motorcycle & Parts Dealer' makes money from importing, assembling and selling Motorcycles - simple!

Oriental Bank offers Micro-finance Loans to cover a 'Chattel Mortgage', so a BUYER can obtain such V8 Motorcycle for approx Php100/day.

The Bank buys the Motorcycle from 'V8 Motorcycle & Parts Dealer' effectively, and makes money from the FINANCING to the BUYERS of said motorcycle.

I signed up as a sub-dealer of 'V8 Motorcycle & Parts Dealer' via an 'MOA'.  This promises to pay me a return as a Dealer from the purchase/sale of Motorcycles.

As it happens there was a cash flow problem in payment to such sub-dealers against the 'MOA', and the CLS Group asked us as 'partner' Dealers to consider either deferred payment for next 3 months or other non-cash payments.

I think it is up to us 'Dealers' to decide if this is acceptable or not?

It is nervous, anxious, depositors, who can't or won't, stay calm and think about their Deposits in these 2 x Rural Banks of the CLS Group.  

Existing Depositors are earning 20%pa, interest credited monthly.

It makes no difference to WHAT happened to Legacy Group Banks offering similar Deposits, since they are ALL Closed down.  It is not the Interest Rate that caused then to get closed, or offering Interest in Advance.  

It is all those 'fake loans', siphoning off the Banks profits, being replaced by overvalued propeties, and only paying out to existing Depositors, by bringing in more and more Depositors from 'Promos'.  

Had Legacy run these Banks legitimately, by covering Deposits of 20%pa from Microfinance Loans of 3%pm to 5%pm, as the CLS Group Banks are doing, then they could afford to pay out 20%pa, if using sound Banking Practice with good Risk Control system.

It's guys like YOU spouting IGNORANT RUBBISH, and stating you intend to remove your Deposits from such Banks, that trigger more nervous Depositors to have 2nd thoughts.

Bitster







Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 10, 2009, 10:18 PM
blister(david) can i ask y you told your clients not to put your wifes name on the complain as the rep who sold them the policys from legacy .is it becouse you dont like idea of her getting charged with some crime maybe you have somethink to worry about and why tell everyone in your text no need to tell the ptm forum about the problems with the checks bounceing a secound time warning that if it spread about then the v8 investers will wait a lot longer for there money back intresting text you sent to your clients in  v8 david  not only bs you keep giveing us about some dieing old lady  when none of us really care if thats your problem you sort it .we all have our own problems david  are you perhaps playing on fact pinoys care about familys  pay the bills dont keep telling us all.  pinoys arnt stupid thay now half your crap is procting your own ass.  your last investments if v8 goes down toilet you "ll follow shortly after  
Posted on: Feb 10, 2009, 09:40 PM
and the 18% was yesterday on text from rep at legacy so dont give bs david even someone in here said it was right 18% so david unsafe banking is correct .by PDIC  so v8 isent legacy but it is CLS BANKS which is connected. i think you ll find that if banks shut v8 dies and if v8 shuts the bank does so i would be very very worried if i was a invester in either and as i am. i am takeing my money out asap and i advice everyone to(blister) david is a rep and after all bs he tells you all he is looking after his own intrests no one else just use your brains who will loose it all if we draw our money out david (blister)THERES ONLY ONE REASON BLISTER (DAVID )IS ON HERE SAYING STAY CARM HE IS WORRID THAT WE WILL LOOK AFTER OUR OWN INTRESTS INSTEAD OF LISTENING TO HIS BS ABOUT HOW GOOD V8 IS DOING THATS WHY I GOT TEXT OF ONE OF YOUR CLIENTS SAYING WHAT REALLY WAS SAID IN YOUR TEXT TO YOUR CLIENTS  :harhar:BLISTER IS LOOKING AFTER HIMSELF NO ONE ELSE. REAMBER HE IS REP FOR V8 NOTHINK ELSE SO WHEN YOU READ A POST OF DAVID (BLISTER) REAMBER REAMBER HE IS REP FOR THE BANK SO HE ISENT GOING TO SAY ANYTHINK BAD ALL BS DAVID SAVEING HIS OWN ASS THATS ALL  
Posted on: Feb 10, 2009, 09:51 PM
DAVID (BLISTER) hope your well lol i was asked not post things about v8 and legacy and cls group of banks. becouse it was not good becouse if people panic then it might be a bank run. and i dident post  i was ok keeping the imformation to myself .BUT after i got message  of OBERKOMMANDO telling me NOT TO POST THINGS ABOUT THE REP AT CLS BANKS NESTER ABELLO who i havent up to now but i will  :hihi: OR THAY WOULD VISIT MY HOME  then you can all  get lost i will post every little bit of imformation that i get of your clients david and thay are emailing me :)so every bit of imformation you give i have so we will carry on posting everythink from now on .and other friends in cebu who are in v8 so dont worry david i will get it all.and post everythink and you can thank OBERKOMMANDO for this and if it courses a bank run so be it v8 will shut and CLS banks (moderaters i did not swear at all )OBERKOMMANDO visit me ill put kettle on for cup of tea :harhar:
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 10, 2009, 11:54 PM
BSP begins probe on Legacy group in Bacolod
02/10/2009 |

MANILA, Philippines - The Bangko Sentral ng Pilipinas sent two investigators to Bacolod City over the weekend to gather more evidence against Legacy Group owner Celso delos Angeles, an online news site reported.

Visayan Daily Star reported that lawyer Caesar Distrito, who represents the victim investors, said the BSP investigators aim to link delos Angeles to the mess.

Distrito said at least two Negros residents executed affidavits detailing their woes with Legacy.

Last weekend, the BSP filed the second wave of charges against officials of the Legacy Group but had yet to include delos Santos after failing to find his name in four failed banks.
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 10, 2009, 11:57 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 11, 2009, 12:01 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 11, 2009, 06:42 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Feb 11, 2009, 01:07 PM
Gumuhong mga pangarap"

Airing on February 12, 2009
Thursday night after Saksi

Education is believed to be the best legacy we can leave our children. So to ensure their children's future, thousands of Filipinos buy educational plans. In April 2005, however, 30,000 parents were alarmed when news broke out that Pacific Plans, Incorporated, one of the largest companies in the pre-need industry, went bankrupt and would not be able to pay for the tuition fees of its planholders.

Join Tina Panganiban-Perez as she investigates how PPI WAS SAID TO HAVE GONE bankrupt and learn the sentiments of the parents who worked hard to pay for the educational plans of their children. Watch a dramatization of their stories directed by indie director Sigfried Barros Sanchez.

Is it still wise to buy educational plans these days? What do people need to know if they plan to buy pre-need plans? Find out on case Unclosed this Thursday airing after Saksi.


--------------------------------------------------------------------------------


Edukasyon ang sinasabing pinakamagandang maipamamana natin sa ating mga anak. Kaya para masiguro ang kinabukasan ng kanilang mga anak, libo-libong Pinoy ang bumibili ng educational plan. Ngunit noong Abril ng 2005, tila gumuho ang mga pangarap ng tatlumpung libong mga magulang nang pumutok ang balitang nalugi ang Pacific Plans, Incorporated, o PPI, na isa sa pinakamalalaking kumpanya sa pre-need industry. Hindi na umano makakayanang gampanan ng kumpanya ang pagbabayad sa tuition fee ng kanilang mga anak.

Samahan si Tina Panganiban-Perez sa pagsisiyasat kung bakit nalugi umano ang PPI at alamin ang saloobin ng ilan sa mga magulang na iginapang ang pagbabayad sa PPI para sa educational plans. Sa kanilang paglalahad, isang pagsasadula ang ginawa sa direksyon ni Sigfried Barros Sanchez.

Alamin kung epektibo pa bang bumili ng mga educational plan sa panahon ngayon at kung ano ang mga dapat malaman kung may planong bumili ng pre-need plan. Tutukan ang Case Unclosed ngayong Huwebes pagkatapos ng Saksi
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 11, 2009, 01:10 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 11, 2009, 06:01 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 11, 2009, 06:08 PM
Marquez said that generally, judges and justices cannot be compelled to appear before a congressional hearing to explain their decision since there are processes that have been instituted by the Court to address alleged wrongdoings or improprieties committed by the magistrates in resolving a case.  

so what did the Supreme Court do to address this problem? it happened a long time ago.  

Congress should proceed in issuing a subpoena to a trial judge and three Court of Appeals justices who ruled in favor of the embattled pre-need firm Legacy Group to dig up the truth. if a constitutional crisis might ensue, then everybody should be prepared to face it.
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 11, 2009, 06:08 PM
VIDEO

DOJ forms panel to probe Legacy Group
http://www.gmanews.tv/video/36254

Legacy Group, BSP face off in House hearing
http://www.gmanews.tv/video/36292

Representatives of Philippine Federation of Pre-need Companies attend Senate hearing
http://www.gmanews.tv/video/36326
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 11, 2009, 06:12 PM
House body stalls deliberations on creation of pre-need agency
02/11/2009 | 05:55 PM

MANILA, Philippines - Lawmakers on Wednesday stalled deliberations on the creation of an agency that would assure payments for plan holders of troubled pre-need companies after discovering that no feasibility study had been conducted for such proposal.

During the hearing of the House Committee on Banks and Financial Intermediaries, lawmakers instructed the Securities and Exchange Commission (SEC) and the Insurance Commission (IC) to conduct first a feasibility study before the panel decides on the establishment of the Pre-need Insurance Corp.

"Unfortunately there has been no feasibility study in the feasibility of this corporation, so we mandated the SEC and the Insurance Commission to assist the committee in justifying the need and viability of this proposed insurance corporation with respect to covering the pre-need policies of holders to the extent of P100,000, and if these agencies (need) the help of professional consultants then they are authorized to do so," Albay Rep. Edcel Lagman told reporters after the hearing.

The lawmaker said more problems migtn be created than solved if the panel approved the measure proposing the creating of the Pre-need Insurance Corp. without an analysis of whether creating such a body would be feasible.

"We might be sending the wrong message of just creating an insurance corporation to be the savior, to bail out in a sense the obligations of these companies to the policy holders," Lagman said. "I would be the first to help the policy holders, but I think we should be able to study very well what we are legislating so that at the end of the day we solve problems instead of creating more problems."

The House panel began deliberations on the measure amid its investigation into the recent collapse of rural banks and pre-need companies under the Legacy Group.

During the panel's hearing last Monday, Legacy Group owner Celso de los Angeles accused former and incumbent officials of the Bangko Sentral ng Pilipinas (BSP) of having had a hand in the closure of his rural banks.

De los Angeles alleged that Efren Reyes, brother of former BSP deputy governor Alberto Reyes, owed him some P1.4 million. He said that whenever he would demand the payment from Efren the BSP would conduct a special audit on his banks.

The Legacy Group owner also accused incumbent BSP Deputy Gov. Nestor Espenilla Jr. of blocking the implementation of his business plans, which the businessman said could have prevented the closure of the rural banks.

Both Reyes and Espenilla denied the accusations.
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Feb 11, 2009, 06:21 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 11, 2009, 06:30 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 11, 2009, 08:03 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 11, 2009, 09:43 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 11, 2009, 09:53 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Feb 11, 2009, 09:59 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 12, 2009, 10:24 AM
Depositors sa Legacy group naghugop sa bangko
02/12/2009 | 09:21 AM

CEBU CITY, Philippines - Sayo pa lang sa Mierkules sa buntag naghugop na ang mga depositor sa Legacy group didto sa Rural Bank of Liloan.

Kini maoy unang adlaw sa pag proseso sa ilang claim, subay sa schedule nga Pebrero 13 nga gilatid sa Philippine Deposit Insurance Company kun PDIC.

Apan gitataw sa PDIC nga ang unang batch pa lang ang ilang mahatagan og kwarta, ug kadto ra pong mga kliyente nga dunay P100,000 paubos nga deposito.

Nabalaka ang mga depositor nga duna lay tag-usa ka ID nga gihuptan nga dili sila makakobra sa ilang kwarta.

Nalatid sa rekisito sa PDIC nga kinahanglang dunay duha ka valid IDs ang mga mo-claim.

Si Melchor Seno, usa ka mag-uuma, voters ID ra, matod pa, ang gihuptan nga identification ug wa masayod kon unsay alternatiba sa iyang sitwasyon.

Apan gipadayag sa PDIC nga gihan-ay pa sa ilang ulohang buhatan kon unsaon pag-address ang naasoy nga problema.

Samtang naabtan sa GMA News ang mga depositor sa Rural Bank of Subangdako, Mandaue aron pagproseso unta sa ilang claims. Apan wa pay taga-PDIC nga mipatim-aw sa paghatod ning balita.
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 12, 2009, 11:31 AM
korek ka dyan, paytimena. basta pay time na, dami na kiaw-kiaw at kuskos balungos itong PDIC.
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 12, 2009, 12:20 PM
Legacy ability to pay claims doubted


--------------------------------------------------------------------------------

BY WENDELL VIGILIA

REP. Edcel Lagman (Lakas, Albay) yesterday voiced doubts on the claim of Celso delos Angeles that his Legacy Group has enough assets to pay pre-need policy holders as the Group filed a petition for voluntary dissolution in December 2008 with the Securities and Exchange Commission.

"If they have enough (funds) why are they saying they are insolvent?" Lagman said in an interview after a hearing of the House committee on banks and financial intermediaries.

Delos Angeles, mayor of Sto. Domingo, Albay who is accused of unsafe and unsound banking practices, earlier said his group has hard assets at the Land Bank of the Philippines and Metrobank easily worth P350 million.

"I was thinking we would continue the hearing because I would really check whether these trust funds are really there intact, whether they could be used to answer the obligations and they are not ampaw," Lagman said.

"I think the crisis on the part of the Legacy Group is not because of the global financial problems, but it is self inflicted. The reasons are contrived," Lagman said.

The committee on banks and financial intermediaries chaired by Rep. Jaime Lopez (Lakas, Manila) has deferred the proposal of Rep. Luis Villafuerte (Kampi, Camarines Sur) to create a Pre-need Insurance Corp. (PNIC) which would act to bail out plan holders like the Philippine Deposit Insurance Corp. (PDIC) which assumes the liabilities of failed banks.

Villafuerte has proposed that each plan holder be entitled to P100,000 insurance and that government appropriate P2 million as initial capital.

The panel has tasked the SEC and the Insurance Commission to undertake a feasibility study as the proposed PNIC might only be abused by unscrupulous pre-need companies.

Sen. Mar Roxas asked the PDIC to ensure that only legitimate depositors of the 13 failed rural banks affiliated with the Legacy Group are paid insurance claims.

"It is important that authentic depositors be paid their lost money. Since public funds will be used to pay the claims, the PDIC must ensure only the legitimate depositors are paid," he said.

The PDIC had announced it would start paying insurance claims by Legacy depositors before Feb. 14. It had asked the BSP for a P14 billion loan instead of using its own Deposit Insurance Fund because of the huge amount involved.

Under the PDIC charter, each depositor is guaranteed re-payment of P250,000 at most for deposits in closed banks. The insurance was raised to P500,000 under a bill approved by the Senate and the House, but the Legacy banks declared closure before the bill was approved by Congress.
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 12, 2009, 12:35 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 12, 2009, 05:47 PM

Legacy ability to pay claims doubted


--------------------------------------------------------------------------------

BY WENDELL VIGILIA

REP. Edcel Lagman (Lakas, Albay) yesterday voiced doubts on the claim of Celso delos Angeles that his Legacy Group has enough assets to pay pre-need policy holders as the Group filed a petition for voluntary dissolution in December 2008 with the Securities and Exchange Commission.

"If they have enough (funds) why are they saying they are insolvent?" Lagman said in an interview after a hearing of the House committee on banks and financial intermediaries.

Delos Angeles, mayor of Sto. Domingo, Albay who is accused of unsafe and unsound banking practices, earlier said his group has hard assets at the Land Bank of the Philippines and Metrobank easily worth P350 million.

"I was thinking we would continue the hearing because I would really check whether these trust funds are really there intact, whether they could be used to answer the obligations and they are not ampaw," Lagman said.

"I think the crisis on the part of the Legacy Group is not because of the global financial problems, but it is self inflicted. The reasons are contrived," Lagman said.

The committee on banks and financial intermediaries chaired by Rep. Jaime Lopez (Lakas, Manila) has deferred the proposal of Rep. Luis Villafuerte (Kampi, Camarines Sur) to create a Pre-need Insurance Corp. (PNIC) which would act to bail out plan holders like the Philippine Deposit Insurance Corp. (PDIC) which assumes the liabilities of failed banks.

Villafuerte has proposed that each plan holder be entitled to P100,000 insurance and that government appropriate P2 million as initial capital.

The panel has tasked the SEC and the Insurance Commission to undertake a feasibility study as the proposed PNIC might only be abused by unscrupulous pre-need companies.

Sen. Mar Roxas asked the PDIC to ensure that only legitimate depositors of the 13 failed rural banks affiliated with the Legacy Group are paid insurance claims.

"It is important that authentic depositors be paid their lost money. Since public funds will be used to pay the claims, the PDIC must ensure only the legitimate depositors are paid," he said.

The PDIC had announced it would start paying insurance claims by Legacy depositors before Feb. 14. It had asked the BSP for a P14 billion loan instead of using its own Deposit Insurance Fund because of the huge amount involved.

Under the PDIC charter, each depositor is guaranteed re-payment of P250,000 at most for deposits in closed banks. The insurance was raised to P500,000 under a bill approved by the Senate and the House, but the Legacy banks declared closure before the bill was approved by Congress.

becouse i dont think for minute he thought that he would get so much sh*t about legacy .i think he thought arrr people wont bother and we can run of with the money, but so so so wrong the people wont blood and there money back
Title: Re: Update on the bank run of Legacy rural banks
Post by: mlangseth on Feb 12, 2009, 08:34 PM
Just FYI, B. Madoff is already wearing bullet-proof vest, hmm I wonder why.. people are also crazy here in the USA.. he is not having caviar, only loneliness and guilt feelings for breakfast..
He screwed his own Jewish community.. I am sure he will not stay long if he goes to jail (federal prison).
Our own Madoff is still free as a bird, hmm I wonder why- he caused a lot of people agony, pain and loss of meals.. I am sure, he will not last either if he goes to jail..
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 12, 2009, 09:22 PM
Legacy investors slap de los Angeles, family with P187-M estafa case

abs-cbnNEWS.com | 02/12/2009 7:37 PM


Investors in the beleaguered Legacy Group of Companies filed a P187 million syndicated estafa case against Celso de los Angeles and his family.

Joel Ferrer, who represent 12 investors in the Legacy Group, filed a 30-page complaint at the Department of Justice on Thursday against 14 respondents, including de los Angeles' wife Maria Concepcion, son Nicolo Martin, mother Pacita delos Angeles, brother Victorino delos Angeles, and nine other company officials.

The estafa case involved a P187 million claim of the 12 investors, led by Francisco Obsenares who said he lost his retirement money in the Legacy's get-rich-quick financial products, ranging from bank deposits to pre-need plans.

Ferrer said his clients were paid a portion of their investments through checks issued by various companies that are part of the closde Legacy Group of finance companies.

The lawyer added that his clients resorted to court action to recover the bulk of their money.

Ferrer added that other investors would want to file a similar case but are hampered by lack of funds. He cited that his clients' P187-million case alone required a P1.8 million filing fee.

"It is difficult for the claimants. They already lost their money. They still need to pay to go after their money. - Marieton Pacheco, ABS-CBN News
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 12, 2009, 10:09 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 12, 2009, 10:19 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 12, 2009, 11:25 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 13, 2009, 05:03 AM
anybody here who has copies of the board of directors of the following Legacy firms:

1.Legacy Consolidated Asset Holdings, Inc.
2.Fusion Capital Corp., Conventional Realty Corp.
3.Galaxy Realty and Holdings, Inc.
4.One Realty Corp.
5.Shining Armour Property, Inc.
6.Legacy Card, Inc.
7.Legacy Consolidated Plans, Inc.
8.Legacy Motors, Inc.
Title: Re: Update on the bank run of Legacy rural banks
Post by: champion on Feb 13, 2009, 03:09 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 13, 2009, 08:08 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 13, 2009, 09:59 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 13, 2009, 11:59 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Feb 14, 2009, 12:17 AM
Legal bureau vs Legacy gitukod
February 13, 2009

 
CEBU, Philippines - Si Senador Mar Roxas mipahibalo nga ang iyang buhatan naghatag karon og libreng legal assistance ngadto sa tanang plan holders nga nabiktima sa mga pre-need companies nga natak-opan tungod sa pagpanibat sa mga tag-iya niini.

Sumala pa ni Roxas nga gihimo niya kini aron adunay mobarog nga mga biktima sa mga pre-need companies, sama sa Legacy Consolidated Group nga gipanag-iya ni Mayor Celso de los Angeles sa Sto. Domingo, Albay.

Ang mga plan holders nga adunay mga pending claims o kaso mahimong motawag sa buhatan sa senador sa cellphone number 0919-6276927 aron pakisayran ang libre serbisyo nga gihatag sa senador.

Si Roxas nag-organisar usab og grupo sa mga abogado nga motagad sa mga panginahanglanong legal sa gatusan ka mga plan holders nga naggukod karon nga makuha ang ilang hinaguan nga dugay-dugay na nga natanggong tungod sa binuang sa mga tag-iya sa pre-need companies, sama sa Legacy.
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 14, 2009, 12:24 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 14, 2009, 12:31 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: stevejjbb on Feb 14, 2009, 06:52 AM
Quote

If bank records are questionable, PDIC will ask the depositor to show documents.


What documents may these be?
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Feb 14, 2009, 11:24 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 14, 2009, 11:48 AM
Justice chief: Legacy owner's liability 'obvious'
02/14/2009

MANILA, Philippines - While the Bangko Sentral ng Pilipinas (BSP) has yet to find evidence against Legacy Group owner Celso delos Angeles for the group's failed operations, Justice Secretary Raul Gonzalez expects him to be charged soon.

Gonzalez said it is "obvious" that Delos Angeles as owner of the groups should already be among those facing criminal charges.

"Obviously without advancing a theory, it would appear that Delos Angeles should be one of those investigated," he said in an interview on dzXL radio.

Earlier, Gonzalez set up a panel to look into the charges lodged by the BSP against officials of the Legacy Group.

He said he ordered the panel to receive the complaint lodged by the BSP and conduct a "thorough" investigation.

"I already set up a panel for that. The BSP should have reason and basis for what referral they make," he said.

Last weekend, the BSP lodged the second wave of charges against officials of Legacy but failed to nail owner Celso delos Angeles.

Delos Angeles was not named as an official in any of the four firms named in the charges.

However, Gonzalez said he has ordered his panel to go deeper into the complaints lodged by the BSP.

Earlier, BSP governor Amado Tetangco Jr. hinted in a radio interview the third or subsequent waves of charges may include delos Angeles.

"Itong ginagawa ng BSP pagpapatuloy ng investigation at case buildup. Sa aking paningin marami pang kaso ang isasampa ng BSP, hindi pa kami tapos dito [What we are doing is a continuing investigation and case buildup. I think there are still more cases we can file. We're not yet through]," he said in an interview on dzXL radio.

He said last weekend's wave of charges was the second since the first wave of charges last Jan. 5. He did not say when the next batch of charges will be filed.

When asked if delos Angeles will be included in the next batches of charges, he said it will depend on the evidence they can gather.

"As we are able to build up additional cases based on the evidence we continue to gather we will file appropriate cases accordingly, " he said
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 14, 2009, 12:03 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 14, 2009, 04:14 PM



What documents may these be?
lets be honest it could be any . from pass ports to address what ever thay need thay will tell you. and its up to you to find it :( not good but lets just see  best is to phone them and ask at least thay are answering the phones now :)
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Feb 14, 2009, 04:53 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 14, 2009, 08:13 PM
Legacy to file insolvency petition 'to protect investors'

by KAREN FLORES, 02/14/2009 6:10 PM


To protect all investors and creditors of their "double-your-money" scheme, the Legacy group will be filing a petition for insolvency at the Makati Regional Trial Court next week, owner Celso de los Angeles said Saturday.

The move, de los Angeles said, will allow the scheme's 14,000 investors to be equitably paid back by the company. He added that it will organize Legacy's clients by avoiding individual and unnecessary court claims.

"Instead of clients fighting over the company's assets, it would be better to surrender all of our assets to court. We have to file the necessary court proceedings no later than next week to protect all investors and individuals," De los Angeles told reporters at the weekly media forum "Kapihan sa Sulo."

Under the petition, Legacy group legal consultant Atty. Francisco Rivera said the court will be appointing a receiver who will handle all of the company's assets and properties, and discuss among creditors on the next course of action. Rivera added that the court will set a schedule for a hearing where clients can file their claims.

"The receiver and the creditors will work together on what to do with the assets. They'll be the ones to decide, not the government," he said.

Rather than the pre-need planholders and its rural bank depositors, De los Angeles stressed that priority should be given first to those who have invested in Legacy's buy-back scheme.

Those who have deposits of P100,000 or less in Legacy's rural banks are now scheduled for payback by the Philippine Deposit Insurance Corporation, while a trust fund has been set up for those who have availed of Legacy's pre-need plans, which de los Angeles said is enough to pay back planholders.

However, de los Angeles said there is no safety net for those who have invested in the double-your-money scheme, thus the petition for insolvency.

Meanwhile, de los Angeles proposed that the Securities and Exchange Commission should allow pre-need firms to jointly operate a school in different regions in the country to make it easier for them to determine where they would send students who are planholders. as of 02/14/2009 6:10 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 14, 2009, 08:22 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 14, 2009, 08:33 PM
another tricky ploy to divert investor's attention. it will take years and years for the court proceedings and liquidation of assets, and by the time it is done, nothing will be left for the waiting investors.

how many assurances of this cunning man have we heard in the past? like asking for 3 months moratorium to replace all the bounced checks and assuring that all investors will be paid? this guy's word cannot be trusted. Celso is buying more time and "maybe" just waiting for the right timing and opportunity to escape out of this country.
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Feb 14, 2009, 11:00 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 15, 2009, 09:14 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 16, 2009, 08:29 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 16, 2009, 08:45 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 16, 2009, 09:10 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 16, 2009, 09:38 PM
PDIC unlikely to get P14-B loan from C. Bank
02/16/2009

MANILA, Philippines - The Philippine Deposit Insurance Corp is unlikely to get its P14-billion loan from the Bangko Sentral ng Pilipinas unless it could prove it needed to beef up its P61-billion Deposit Insurance Fund (DIF).

The Bangko Sentral ng Pilipinas (BSP) has made no decision on the PDIC's loan request that PDIC president Jose Nograles described as a "business decision."

According to sources at the BSP, the Monetary Board has not made a decision on the loan request and hinted that the PDIC was unlikely to get an approval since it still has a substantial balance on its DIF.

Under the rules, PDIC is allowed to ask the BSP for a loan to beef up its DIF but it is also allowed to issue its own debt instrument to raise the same amount from the commercial market.

Nograles said the PDIC decided to borrow from the BSP because it expected to spend P14 billion to pay the deposit insurance claims of some 135000 depositors of 12 rural banks that has already been shut down by the BSP.

But according to an MB source, all banks pay insurance premium to the PDIC precisely for ensuring that their depositors would be paid off in case of bank failure.

"That means the PDIC has funds precisely for this purpose, and they can use that fund because that's what it is for," the MB source said.

The MB source said the BSP itself was still waiting for the national government to complete its own recapitalization plan amounting to P40 billion as prescribed under the BSP charter.

Because PDIC's DIF is still substantial, the source said PDIC could easily draw from its Fund and pay down the deposit insurance claims right away without difficulties or seriously depleting its DIF.

Nograles said that it would not wait for the central bank to approve its P14-billion loan and start using its own funds to settle the claims of depositors caught up in the collapse of the rural banks.

At the recent Congress hearing on the collapse of the rural banks, Nograles told reporters that the PDIC has so far validated about 35,000 small accounts that could be paid out of the DIF.

In total, the PDIC estimated that it would have to pay out around P14 billion worth of insured deposits below P250,000.

The BSP shut down 12 rural banks closed by the BSP in the last two months as well as a group of banks under the so-called G7 group that were put under receivership early last year for unrelated problems.

Nograles said the PDIC's request for a loan from the BSP was still pending, but he said the company had more than enough to cover the claims of the so-called Legacy Group depositors.

Nograles said the PDIC was prioritizing depositors with accounts of less than P100,000. He said the about 35,000 accounts were already examined and the pay-out of the clean and validated claims would start this week.

PDIC said there were over 130,000 deposit accounts involved in all 12 banks under the Legacy Group and 62 percent of these accounts were deposit accounts with P100,000 and below.

Testifying before the House Committee on Banks, Nograles also asked lawmakers to grant the PDIC the authority to issue its own commercial papers with sovereign guarantee to give it access to cheap funds.

"We can always borrow from the BSP if it would make good business sense to do so but of course it would be good if we had more options," Nograles said.

Nograles said the PDIC had no dire need for the loan from the BSP but the PDIC board decided to request for the loan as a "prudent measure" toward protecting its DIF.

Central bank officials earlier said the depositors of the Legacy Group, in particular, no longer had hope of recovering their deposit and their only recourse was to file claims with the PDIC.
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 16, 2009, 10:02 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 17, 2009, 02:35 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 17, 2009, 02:42 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 17, 2009, 02:53 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: hitman246 on Feb 17, 2009, 03:08 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 20, 2009, 11:54 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Feb 20, 2009, 04:14 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 20, 2009, 06:22 PM
this is not only strange but a very stupid pronouncement! why punish the depositors of these banks when the BSP, SEC, and PDIC already established facts that it was the owner named a certain Celso delos Angeles who committed the crime/fraud.

depositors like us have no knowledge about those things related to the fraud committed by the owner in cahoot with bank officers. The responsibility then of ensuring that depositors are protected ultimately goes back to the BSP because it is the one and only competent watchdog for banks in the country. gong-gong!

Title: Re: Update on the bank run of Legacy rural banks
Post by: mlangseth on Feb 20, 2009, 07:32 PM
If they prolong the agony of the so called sophisticated and rich investors, they will wake up one day with none of them around.

What the hell is BSP for?
and PDIC need to move their butts faster !!
Title: Re: Update on the bank run of Legacy rural banks
Post by: 777 on Feb 22, 2009, 12:32 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: Bitster on Feb 22, 2009, 01:33 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 22, 2009, 04:20 PM
i think if you are victims of any one of these agents namely Fred Novo, Bergantine, Professor, and Rose Melig, all of them should be included in the criminal cases.
Title: Re: Update on the bank run of Legacy rural banks
Post by: freedomfighter on Feb 23, 2009, 08:53 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: ahock on Feb 23, 2009, 09:49 AM
why would Mr. Nograles hesitant tp pay the required 250k insurance deposit? Di kaya wala talagang pondo? The Banco San Juan manager just called me asking me when ako mag pe place. I told her na hindi ko pa nakukuha still yung sa RBoP. Then I air my side regarding how PDIC is handling the case. And somehow she agrees naman. Even the 50% more than the nominal rate ay spurious as what BSP is telling the public
Title: Re: Update on the bank run of Legacy rural banks
Post by: todjikid on Feb 23, 2009, 10:25 AM
Baka, this is the real reason why they are delaying the payment, baka walang funds? baka hindi to protect the small investors/ depositors --- but to look for money.

teka, san ba nakainvest and DIF ng PDIC? Baka sa OneCard? PNBB?  Joke. With the global financial crisis, when all stocks have fallen dramatically --- nakakatakot. Baka the issue has snowballed into a bigger monster we can't slay any time soon.
Title: Re: Update on the bank run of Legacy rural banks
Post by: 777 on Feb 23, 2009, 11:18 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: freedomfighter on Feb 23, 2009, 11:43 AM
Malay nyo may investments din si FG dyan sa DYM scams na yan ni Celso.  What a brilliant way to raise campaign funds by doubling their warchest loot into such dym schemes!

This is probably the reason why the President is mum about this greatest robbery of all time successfully done against our banking system.  

The people may no longer tolerate that the First Family is again involved in another corruption scam.  The more that the President ignores this issue, the more that they will be subjected to unfavorable insinuations.  

With the integrity of the Nograles brothers now being put into question as well as that of kabayan Noli, can anyone blame us if we suspect that maybe Celso is that powerful that even the President can not touch him.

Ano ba talaga Madam President?  Will you always tolerate the gross negligence of some of your cabinet members?  BSP, PDIC, as well as SEC seems to be sleeping on their jobs.

Title: Re: Update on the bank run of Legacy rural banks
Post by: mlangseth on Feb 23, 2009, 08:21 PM
Looks like the S##t has already hit the fan.
Parang Filipino mafia na yata ito. Bad image, bad, bad, for our country.
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 23, 2009, 09:34 PM

Looks like the S##t has already hit the fan.
Parang Filipino mafia na yata ito. Bad image, bad, bad, for our country.

it really will my wife is saying now we sould sell everythink even our house  and lots we have. even if we loose money she just wants to leave this country and not come back here she is a pinoy. with whats happening with our investments (insurance that is goverment insurance only reason we invested becouse of insurance)  and other banks we think this country really is going down drain we really have tried to live here like most western people (me) marrying a nice pinoy liveing here investing here haveing home here helping with local people (employing people) and it just gets thrown in our faces. one con after another :(
Title: Re: Update on the bank run of Legacy rural banks
Post by: gta4 on Feb 23, 2009, 09:52 PM
well so sad to here about all sad things happining. just happen I was able to talk right person in PDIC.they sad they are trying to pay already but the delay is from Politician
because there money to is invested also and they want it to be 500,000 insured.
thats why they want to delay in paying all 250,000. believe it or not.
Title: Re: Update on the bank run of Legacy rural banks
Post by: Robert51 on Feb 23, 2009, 09:52 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Feb 23, 2009, 10:06 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: 777 on Feb 23, 2009, 10:46 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: philsdutchie on Feb 26, 2009, 06:57 PM
Albay rural bank linked to Legacy group declares bank holiday

abs-cbnNEWS.com | 02/26/2009


A rural bank in Albay province which is reportedly a part of the Legacy Group of companies declared a bank holiday Thursday to the surprise of its customers.

The Rural Bank of Polangui Incorporated is reportedly one of the banks listed under the Legacy Group of companies founded by Mayor Celso delos Angeles of Santo Domingo town in Albay.

Depositors who went to make transactions at the bank said they were not informed by the management about the bank holiday.

Imelada Langcauon, a client of the bank since 1998, said she was inconvenienced by the sudden declaration of a bank holiday because she had gone to the bank to withdraw money from her meager savings in order to buy milk for her grandchildren. "Sayang naman pinaghirapan ko 'yon," she said.

After its announcement, however, the bank reportedly continued to accept transactions like money deposits.

Marlyn Paje, Bangko Sentral ng Pilipinas officer-in-charge in Legazpi, meanwhile said that personnel from the Supervision and Examination Department of the BSP Central Office has been conducting bank examinations to assess the capability of the rural bank. She said the examinations will determine if the bank will be closed and placed under receivership by the Philippine Depositors Insurance Corporation.

The BSP had earlier filed cases before the Department of Justice against officers and employees of four rural banks and 18 officers under the Legacy Group for alleged falsification of public and commercial documents and false statements. The banks charged by the BSP include the Rural Bank of Paranaque, the Rural Bank of DARBCI in South Cotabato, the Rural Bank of San Jose in Batangas, and the Bank of East Asia. ---with a report from Jose Carretero, ABS-CBN News Bicol
Title: Re: Update on the bank run of Legacy rural banks
Post by: mlangseth on Feb 26, 2009, 07:50 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: promdi on Feb 26, 2009, 08:18 PM
^ not yet. there are 2 more rural banks still open located in Cebu.
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Feb 26, 2009, 08:42 PM
i heard people's comments that even cutting CDLA with a meat bandsaw into a million pieces cannot offset the damage he has done to the banking system.

they jokingly said that instead he should be injected with several drums of "cockroaches' feces mixed with septic tank juice" to give justice to the depositors hit by his clever scam.
Title: Re: Update on the bank run of Legacy rural banks
Post by: ahock on Feb 26, 2009, 09:10 PM
naku nman meron nanaman.... I dont know if this is still isolated. Maybe yes maybe no. Ang worry ko dito is baka sabihin nanaman ng PDIC na hintayin maserbisyuhan ang small deposits nito bago ang 100k> ng lahat na nag sara....
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Feb 26, 2009, 10:54 PM
The rural banking sector will benefit from the $120-billion
abangan bayaran na malapit na................................... :applause: :cool2:
Title: Re: Update on the bank run of Legacy rural banks
Post by: ahock on Feb 27, 2009, 06:43 AM
anoang $120B??? malaki ito ah
Title: Re: Update on the bank run of Legacy rural banks
Post by: antiscam on Feb 27, 2009, 10:40 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: 777 on Feb 28, 2009, 09:03 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: tops5450 on Feb 28, 2009, 09:36 PM
.5m na piyansa kay celso kumpara sa bilyon bilyon na na-scam niya... chicken lang sa kanya iyan.
Title: Re: Update on the bank run of Legacy rural banks
Post by: promdi on Mar 01, 2009, 01:12 AM
^RBPolangui was already closed and under PDIC effective Friday, Feb. 27
Title: Re: Update on the bank run of Legacy rural banks
Post by: philsdutchie on Mar 02, 2009, 05:23 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: ahock on Mar 02, 2009, 08:24 AM
ano na ang update? Mar 1 na wala pa din announcement si PDIC?
Title: Re: Update on the bank run of Legacy rural banks
Post by: baka on Mar 02, 2009, 10:21 AM
I was checking the schedule of payment for depositors' with less than 100k.  The last day of payment based on the schedule is March 6.  Most likely, the processing of all other claims will be after the aforementioned date.  Let's hope there will an announcement next week.
Title: Re: Update on the bank run of Legacy rural banks
Post by: CuteChinoy on Mar 02, 2009, 11:19 AM
Thanks Baka for update, lets hope, after March 6 M sure natapos na nila examine ang mga time deposits. Sana mag start na sila bago mag bukas ang school year.
Title: Re: Update on the bank run of Legacy rural banks
Post by: SaraM on Mar 02, 2009, 11:45 AM
so then based on "BSP Uncovers P7.8 B in Fake Legacy Loans" that means the PDIC fund has an additional 7.8B billion? Or in other words will save that amount from being needed to pay out, which is HALF of the total Legacy-bank deposits!  
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Mar 02, 2009, 06:09 PM
BSP shutters another rural lender

http://www.pinoymoneytalk.com/forum/index.php?topic=17598.msg237417#msg237417
Title: Re: Update on the bank run of Legacy rural banks
Post by: antiscam on Mar 03, 2009, 11:56 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: philsdutchie on Mar 05, 2009, 02:57 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: qwerty888 on Mar 05, 2009, 03:33 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: tops5450 on Mar 05, 2009, 09:01 PM
The battle has begun....

Will justice be rightfully served t where it is due? Abangan...
Title: Re: Update on the bank run of Legacy rural banks
Post by: 777 on Mar 05, 2009, 09:15 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: PhilKiyosaki on Mar 05, 2009, 10:34 PM
If De los Angeles is not JAILED and condemned he is above the LAW. He is the most powerful corrupt individual in the PHilippines than any convicted officials like Marcos and Estrada.  

Madame President GMA, I like you as a president but the country is no longer good because of too much corruption.  
Title: Re: Update on the bank run of Legacy rural banks
Post by: SaraM on Mar 06, 2009, 10:00 AM
This is a recent email which someone directly received from PDIC this week and has many people not happy:


Further to our phone conversation, I  wish to clarify some points taken up in your e-mail and in our discussion.

Given the findings of irregularities committed by the officers/agents of these closed banks under the Legacy Group, the guidelines/requirements we have set in the processing of claim for deposit insurance for your banks are in keeping with our mandate to ensure that payment of  the insured deposit be made to the rightful person. While we understand the predicament that you are in right now, PDIC is also tasked to exercise utmost diligence in the payment of deposit insurance which comes from public money.

As regards the accounts you opened for your [minor ITFs], PDIC treats them as the rightful owners of the accounts. As such, and because of your representations that they are still minors who are living abroad, it is their respective parents who have authority to adminster their assets. Except for your 2-year old [ITF], your two [older ITFs] are required to personally appear before the Philippine Consulate and have their birth certificates, 2 valid IDs and Special Power of Attorney (by the parent) duly authenticated by the Phil embassy.  This is in lieu of the personal appearance before a PDIC representative in the filing of the claim for deposit insurance.  

However, if there are documents/information which would show that the accounts you opened for your [ITF] are actually owned by you, PDIC shall consolidate/add the accounts of your [ITFs] to your own personal accounts which shall be entitled to the maximum deposit insurance of P250,000.00. Accordingly, all the accounts (even under the name of different persons)  shall be treated as YOUR OWN ACCOUNTS.  It is in this instance that the representation of the minors' parents acknowledging ownership of the account by their minor children by way of complying with the guidelines/requirements mentioned above will be most significant.

Since the depositors are abroad, we have attached samples of our claim form & SPA.   Kindly advise your atty-in-fact to bring the following upon filing of the claim:

        a)   duly accomplished claim form
        b)   2 valid IDs,
        c)   the original  evidence of deposit (CTD, passbook, etc.)
        d)   duly authenticated SPA and birth certificates of the 3 minor children


       

As relayed to you, examination of deposit records for these banks is being undertaken. Hence, aside from the requirements discussed above, additional documents may still be requested from the depositors to establish the validity of the claim.

Pls be informed also that depositors have two (2) years from the time PDIC took over the bank to file their claim for deposit insurance, to wit:

We hope this clarifies the matter. Should you need further assistance, feel free to e-mail us.

Thank you for allowing us to be of service to you.

Mabuhay,
Atty. Elaine Bonifacio-Deticio
Asst. Vice-President
Claims Processing Department
PDIC
Tel. No. 841-4604/4605
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Mar 06, 2009, 11:51 AM
yudip*ta! mga taga PDIC. you keep on changing your own rules at the expense of the depositing public. onli in da pilipins, BOYSIT!
Title: Re: Update on the bank run of Legacy rural banks
Post by: promdi on Mar 06, 2009, 03:40 PM
I have GOOD NEWS for you Waterfront. PDIC will start distribution of claim forms for ALL accounts in ALL Legacy banks in their respective branch of deposit starting March 18, 2009. So prepare all your docs!!!!
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Mar 06, 2009, 04:21 PM

I have GOOD NEWS for you Waterfront. PDIC will start distribution of claim forms for ALL accounts in ALL Legacy banks in their respective branch of deposit starting March 18, 2009. So prepare all your docs!!!!
promdi i dont mean to be funny but lets wait till PDIC  say its starting 18th i and many more are fed up hearing things. then being let down yes get paper work ready but lets just wait till PDIC  say its so :( not good getting peoples hopes up is it
Title: Re: Update on the bank run of Legacy rural banks
Post by: promdi on Mar 06, 2009, 04:39 PM
ok. I called up PDIC and thats what they told me. This was also confirmed by an insider. Why dont you call PDIC-DAB.  
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Mar 06, 2009, 05:14 PM
promdi, i called up PCRB and the PDIC rep told me the same. it is on March 18, 2009. maybe they don't want to read and hear the word "yudip*ta! yudip*ta! yudip*ta! yudip*ta! yudip*ta! yudip*ta!" because it sounds like a gong in their ears.    :D :watchuthink:
Title: Re: Update on the bank run of Legacy rural banks
Post by: promdi on Mar 06, 2009, 05:21 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: stevejjbb on Mar 06, 2009, 05:23 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Mar 06, 2009, 06:02 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Mar 06, 2009, 06:12 PM
PDIC set some rules with the corresponding samples in their websites. now some of their mentally deranged personnel wants to modify and circumvent their own rules after these banks closes which caused mental and physical stress to the aggrieved depositors.

i suggest that if we are affected, let us file a "damaged suit" against this crazy PDIC personnel to pay for our mental stress and sleepless nights. yudip*ta! yudip*ta! yudip*ta! yudip*ta! yudip*ta! yudip*ta! to these heartless and inutile PDIC officers ...
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Mar 06, 2009, 06:15 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: Bitster on Mar 06, 2009, 07:34 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: mlangseth on Mar 06, 2009, 07:45 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Mar 06, 2009, 08:24 PM
talking about killing those PDIC one by one, i had a very bad dream last night. i cannot distinguished the face of an amok holding a shotgun and pumping bullets to all PDIC personnel inside a bank. it was pretty bloody then i woke up ... i just wish it may not happen.

but if PDIC keeps on harassing and doing some nasty tricks, how i wish it will happen soon to set them an example they won't forget in their lifetime. right now, the depositors are in a confused, stressed, and disturbed state. plus some pronouncements of mentally deranged PDIC personnel to modify and circumvent their own rules. too much of these factors will result in a rowdy behavior which can force a person to kill another like pests ...
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Mar 06, 2009, 08:59 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Mar 06, 2009, 09:03 PM
if you expect the worst then it can only get better. steve best way to think no surprises then  :watchuthink:
Title: Re: Update on the bank run of Legacy rural banks
Post by: stevejjbb on Mar 07, 2009, 01:02 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: Bitster on Mar 08, 2009, 05:01 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: antiscam on Mar 10, 2009, 06:20 PM
 THE LIGHTHEARTED AND GULLIBLE FILIPINO PEOPLE

Legacy finally grabbed the headlines and top stories of all newspapers and TV news shows in the Philippines today March 10, 2009. This is around 5 months after the first reported bounced cheques from CDLA's PNBB scheme (read: scam). There already around 3 Senate Inquiries conducted to date, several cases already filed by BSP, SEC and PDIC, and 5 government names already surfaced as alleged protectors of CDLA - Speaker Nograles, Noli de Castro, Rep. Eduardo Zialcita and SEC Commisioner Jesus Enrique Martinez (May their souls rot in hell and their physical bodies stricken by incurable diseases..).

My point now is until now no mob has ever gathered whenever CDLA is at the Senate..Nor there are any mobs at tthe known adresses of CDLA, Martinez, Zialcita as their home were already published in newspapers. Not a stone thrown at their glass windows. Not even a dozen rotten tomatoes or eggs thrown at their faces by duped investors whenever thay are present at the Senate...

In other countries, say Hong Kong, Indonesia, Morocco, France, Spain, etc..., a mob composed of duped investors would have instantly gathered whenever the perpetrators are around at least taunting and at best throwing to the perpetrators whatever they can lay their hands on...Sadly, not here in the Philippines...Filipinos are truly kind, lighthearted and gullible even in the face of blatant and rampant scams, briberies and frauds...They just watch and say something, begging for pity from the perpetrators to give them back the stolen money...

Let me remind all of you- MONEY STOLEN BY CDLA et al., WILL NEVER BE RETURNED DESPITE ALL YOUR PLEADINGS, DEFENSES AND DENIALS..ITS ALL GONE!!!Either already spent on lavish and extravagant lifestyle of the criminal CDLA, already paid as bribes to our dear corrupt gov't officials, and already transferred to other conspirators, sons, daughters, wives, mistresses so no one can take it back anymore...

So i urge all of you to plot for the immediate demise of CDLA and all others involved, especially Martinez, Zialcita, etc...Do whatever you can...If you have a gun-shoot them. If you have the training & technical expertise to build and plant bombs- bomb their homes, cars, mansions, yachts, jets...If you have some money at your disposal-hire a killer to kill them...if you have nothing but your two bare hands, at least throw some stones, tomatoes, rotten eggs, dead rats at their faces whenever they are summoned to appear publicly!!!

Celso, Martinez and Zialcita - may Stage 4 Cancer afflict your bodies as well as your wives and mistresses...May your sons and daughters meet with disaster and grave accidents and your gransdsons & grandaughters bodies & minds destroyed by crack, cocaine and heroin...May the Great GOD curse your souls, bodies and wealth to eternal damnation!!!
Title: Re: Update on the bank run of Legacy rural banks
Post by: antiscam on Mar 12, 2009, 11:07 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: GoodSteward on Mar 12, 2009, 12:09 PM
^tsk tsk..same post in different threads again. We got the message even with one post. Call me a Legacy agent again because I called your attention again.
Title: Re: Update on the bank run of Legacy rural banks
Post by: AMARANTH on Mar 12, 2009, 07:29 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Mar 12, 2009, 07:43 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Mar 12, 2009, 08:43 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: venyatar on Mar 12, 2009, 09:24 PM
For bank depositors who still trust PDIC, the latest news will surely convince not a few of them to get out of the local banking system quickly and stop investing in the Philippines.
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Mar 12, 2009, 09:32 PM

For bank depositors who still trust PDIC, the latest news will surely convince not a few of them to get out of the local banking system quickly and stop investing in the Philippines.
yep if it doesent . then there are some really stupid people in the philippines.have you read figures that PDIC  is saying probly will not be payed. its amazeing. one thing PDIC will not have to worry about finding the money to pay us back lol. i carnt belieave that theres that many accounts that are not legal accounts
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Mar 12, 2009, 10:11 PM

 yep if it doesent . then there are some really stupid people in the philippines.have you read figures that PDIC  is saying probly will not be payed. its amazeing. one thing PDIC will not have to worry about finding the money to pay us back lol. i carnt belieave that theres that many accounts that are not legal accounts



We all will be less insulted had PDIC just say they will not pay us !!


Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on Mar 12, 2009, 10:31 PM




We all will be less insulted had PDIC just say they will not pay us !!



WELL MT88  this is final nail in coffin for me and philippines. i ll draw my TD out of CLS this week while getting forms of closed banks. i told my wife we shall go live in uk . even working out the figures now what we get for house and lot and two new cars. all in we can afford to buy house in uk and have money in bank. have car each still work there but maybe part time. Most accounts were considered doubtful due to incomplete documents .  but if we have reciepts and TD  thay are still saying it might not be payed it seems that thay have wipped of 6 billion in claims just like that
Title: Re: Update on the bank run of Legacy rural banks
Post by: tacamonchi on Mar 12, 2009, 11:56 PM
No matter what Nograles releases in the press, pdic cannot escape paying legitimate deposits.  Read the case of pdic vs CA; Aquero et al, and our Supreme Court had this to say:The liability of the PDIC for insured deposits therefore is statutory and, under Republic Act No. 3591, 4 as amended, such liability rests upon the existence of deposits with the insured bank, not on the negotiability or non-negotiability of the certificates evidencing these deposits.

Furthermore the SC noted: In order that a claim for deposit insurance with the PDIC may prosper, the law requires that a corresponding deposit be placed in the insured bank. This is implicit from a reading of the following provisions of R.A. 3519:

Sec. 1. There is hereby created a Philippine Deposit Insurance Corporation . . . which shall insure, as provided, the deposits of all banks which are entitled to the benefits of insurance under this Act . . . . (Emphasis supplied).

xxx xxx xxx

Sec. 10(a) . . .

xxx xxx xxx

(c) Whenever an insured bank shall have been closed on account of insolvency, payment of the insured deposits in such bank shall be made by the Corporation as soon as possible . . . .(Emphasis supplied.)

A deposit as defined in Section 3(f) of R.A. No. 3591, may be constituted only if money or the equivalent of money is received by a bank:

Sec. 3. As used in this Act ?

(f) The term "deposit" means the unpaid balance of money or its equivalent received by a bank in the usual course of business and for which it has given or is obliged to give credit to a commercial, checking, savings, time or thrift account or which is evidenced by passbook, check and/or certificate of deposit printed or issued in accordance with Central Bank rules and regulations and other applicable laws, together with such other obligations of a bank which, consistent with banking usage and practices, the Board of Directors shall determine and prescribe by regulations to be deposit liabilities of the Bank . . . .

So even if the bank has incomplete documents but you have proof that you actually deposited money into the bank, then it is a legitimate deposit.  We depositors have practically rolled over to the whims and caprices of pdic; it is high time we get organized a la PEP and put our foot down.  We should get together and unite in the face of pdic's posturings which are legally infirm.  UNITE and ORGANIZE!!!

Title: Re: Update on the bank run of Legacy rural banks
Post by: 777 on Mar 16, 2009, 09:47 PM
PDIC is just surely evading to pay depositors.  I can't believe it if PDIC would not honor ITFs account assigned to our neices and newphews.  It was clearly printed out under the ruling of PDIC guidelines that these accounts are covered with insurance. Why are we being punish then? Is it our fault? Shame on you Mr. Nograles!!! you have the audacity to increase the coverage to P500T. I am really sick to this devilish, corrupt, unbelievable worst than any other country penalizing depositors, robbing once again our hard earned money????? We have our documents with us to prove why are still insisting on making new rules? Where is Justice here???????????Madame Arroyo we need your intervention please! Otherwise, i'm calling everybody's cooperation that we march down and make a loud noise and show to the whole world what's really happening in the banking system of this country so called Pilipinas! Don't challenge us PDIC otherwise this country will go to its worse ...Officials should be persecuted and massacred!!!
Title: Re: Update on the bank run of Legacy rural banks
Post by: Robert51 on Mar 17, 2009, 01:59 PM
k

 yep if it doesent . then there are some really stupid people in the philippines.have you read figures that PDIC  is saying probly will not be payed. its amazeing. one thing PDIC will not have to worry about finding the money to pay us back lol. i carnt belieave that theres that many accounts that are not legal accounts






kermit my friend the problem is ... Even if you take every penny out and NEVER place a single penny in a Philippines bank .. they will not care ... every day there is a new crop of sheep born ...   remember back in 2008 everyone was saying .. wow sure glad i invested in a bank with PDIC and not like them other people in the PNP pre needs.. now they already got shafted but at least you guys have some back up in PDIC ... Ahhhh remember the story ... When i was young i used to feel sorry for myself because i had no shoes......... until i meet a child who had no legs..
Title: Re: Update on the bank run of Legacy rural banks
Post by: mlangseth on Mar 17, 2009, 07:45 PM
Gone are the days when Pinoy will accept suppression and intimidation. If PDIC will not pay.. I am sure there will be civil war..I will start supplying ammo to my family now..
Title: Re: Update on the bank run of Legacy rural banks
Post by: paytimena on Mar 27, 2009, 11:10 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Mar 27, 2009, 12:31 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: bluelobster on Apr 05, 2009, 04:07 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on Apr 05, 2009, 06:05 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Apr 08, 2009, 07:25 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: bigoink on May 13, 2009, 10:54 PM
I cannot believe that Nograles would be so stupid as to not refund depositors money .He must surely realise that course of action would be a certain death sentence for him and his entire family. Taking into account the people he is dealing with . Celso would have no hiding place either, even in the US.  The world is now a very small place .  It just puzzles me why they are gambling with their own lives when the money doesnt even belong to them. :watchuthink:  
Title: Re: Update on the bank run of Legacy rural banks
Post by: qwerty888 on May 14, 2009, 10:10 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: telemarker on May 14, 2009, 10:24 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: PhilKiyosaki on May 14, 2009, 12:46 PM
Title: Re: Update on the bank run of Legacy rural banks
Post by: GoodSteward on May 14, 2009, 01:36 PM
^i still have this feeling its Celso plotting all these and one one day fly out of the country
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on May 14, 2009, 05:16 PM


Yes, just wait and see his announcement that he need advance treatment in a foreign country for his "cancer" and seeks return of his passport in order to fly out.  This is all in his grand plan.


Title: Re: Update on the bank run of Legacy rural banks
Post by: mlangseth on May 14, 2009, 07:14 PM
Cancer of the tonsils?? What a stupid diagnosis-- Who are they kidding??
I will only believe when I see him die..!!!
Title: Re: Update on the bank run of Legacy rural banks
Post by: CuteChinoy on May 14, 2009, 07:29 PM
Guys mag babayad ba ang PDIC?
Title: Re: Update on the bank run of Legacy rural banks
Post by: tops5450 on May 14, 2009, 07:46 PM
Walang pondo NA pera ang PDIC paano tayo mababayaran? :hihi:
Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on May 14, 2009, 08:58 PM

For children PDIC are requesting the following ID document:

COPY OF THE BIRTH CERTIFICATE DULY CERTIFIED BY THE NATIONAL STATISTICS OFFICE OR THE LOCAL CIVIL REGISTRAR, for depositors below eighteen (18) years old.

What i'd like to ask is if anyone has managed to get around this by providing the child's Philippines passport as an alternative?

I would suggest that the birth certicate must be considered genuine and certified if a passport has already been issued to the child. But then again, this is PDIC, and i think they have a different way of thinking.

I've emailed this question to them (DAB), but after more than 2 weeks, no reply.

Anyone here know if passport would be considered an acceptable alternative?

steve i think there being ass holes with your reply. look on deadbol i sent email one or two days ago and got reply today.delay delay delay m8anythink to slow you down and piss you off
Title: Re: Update on the bank run of Legacy rural banks
Post by: mt88 on May 14, 2009, 11:32 PM

Cancer of the tonsils?? What a stupid diagnosis-- Who are they kidding??
I will only believe when I see him die..!!!


Tonsils are fairly easy to remove, right?  I have mine out when I was eight years old.  So what is the big deal?


Title: Re: Update on the bank run of Legacy rural banks
Post by: kermit208 on May 15, 2009, 10:19 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: antiscam on May 15, 2009, 02:16 PM

 the big deal is he needs to leave the country and have them removed. becouse most your doctors were trained to be vets and he doesent feel safe in there hands  :hihi:and he carnt pay here becouse all our moneys in usa lol.


Tonsiloctomy is such a simple and routine medical procedure that i deeply suspect Celso's reported ailment is just a sick joke. Tonsils are "disposable" body parts just like the appendix - no major side effects when it is removed. So it bedevils coomon sense that Celso did not opt to have it removed at the first sign of trouble.

On the other hand, one can't help think and hope, in light of the recent death also by cancer of the SEC Commisioner Jesus Martinez, that it is could really be an "act of God" for Celso to possibly succumb and die from such a trivial disease because he was very busy then concocting schemes to steal from his victims. Maybe he just took for granted some lump in his tonsils, failing to do routine medical checkup and reasoning that why should he be bothered from it when there are still Billions to be stolen quick and fast. If this is true then this is one clear case of "poetic justice". Imagine a criminal genius like Celso, who stole Billions and has a very big possibility of getting away from it, downed by mere lumps in the tonsils that turned out to cancerous? Now that would be a great headline.

In any case, I fervently hope that his cancer of the tonsils is for real and truly at Stage 4. May he die slowly and in great pain. I will celebrate his death and whenever I have the chance, throw sh*t & spit on his grave... And in case he survives or this just a sham, I hope someone will do justice to all the victims by shooting him twice in the head- before he dies and after he losses his last breath just to be certain.

PS. Celso still has a hold departure order so he can't go to the West for the best medical treatment a stolen money can buy...DIE CELSO DIE!!!
Title: Re: Update on the bank run of Legacy rural banks
Post by: tiger on May 15, 2009, 03:21 PM
I can't believe that Martinez is dead and that Celso delos Angeles is afflicted with 4th stage cancer.  This is really a telenovela
in the making. Does anyone in this forum know where he was buried?  Has anyone seen his dead body?  What about Delos Angeles?
Does anyone know who his doctor at St. Luke's is?  How come there is no medical update about him?

I just called PDIC and up to this day their reply to when will we get paid is the same, Wait for the letter which states the status of
your account.  They have been saying this since March.  It is almost June and we still get the same reply.  I am wondering if there is any
way that we can make noise about our plight since PDIC does not seem intent in paying us.  It seems that media also has lost interest in our
case.  I have tried to txt DZMM and heard other texters do the same but no follow up by the anchors.  I hope there is no intention to block
the media from taking our cause further. 

If there is anyone in this forum who has been paid (for depositors 250k and above), please let us know.  Thank you so much!
Title: Re: Update on the bank run of Legacy rural banks
Post by: bigoink on May 16, 2009, 12:58 PM
The sh*t is about to hit the fan in Manila tiger.  DEADBOL group + GMA are going to PDIC for a showdown.
Title: Re: Update on the bank run of Legacy rural banks
Post by: tops5450 on May 16, 2009, 10:02 PM
Bukod sa media dapat isama narin natin ang kapulisan at mga sundalo na naiipit din ang time deposit savings nila. Tingnan lang natin kung di magkukumahog si GMA na aksiyonan kaagad ito. :watchuthink:

Title: Re: Update on the bank run of Legacy rural banks
Post by: bigoink on May 17, 2009, 11:02 AM
Very good point tops........Ill suggest it to the deadbol group . Maybe if we can take tanks and heavy armaments also, they might get the picture ! :boxing:
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Jun 18, 2009, 05:23 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: ric_TNT on Jun 18, 2009, 05:43 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: waterfront on Jun 18, 2009, 07:01 AM
Ha ha ha ! What a joke!, They could not even pay their obligations and yet they are talking about profits. Are they insane ?

hehehehehe .... if a person is not insane, "he will probably become one after reading articles like this and digesting the lies PDIC is telling the media". yudip*ta !!!!


Nograles said the PDIC posted a net income of P569 million in 2008, 57 percent lower than the P1.23 billion posted in 2007.

The PDIC executive said the valid deposit claims of 60,000 accounts in 12 Legacy affiliated banks has already reached P4.7 billion. So far, the insurer has paid out 15,000 deposit accounts of the closed Legacy banks or more than P200 million.
 

the article said that "the PDIC has paid out 15,000 deposit accounts of the closed Legacy banks or more than P200 million." but this statement was written next to a previous sentence stating "that the valid deposit claims of 60,000 accounts in 12 Legacy affiliated banks has already reached P4.7 billion" which made it appear that PDIC already paid in several billions of claims.

At the end of first quarter, PDIC has a total Deposit Insurance Fund (DIF) of P64 billion, which is used to payout deposit insurance claims.  

early this year, PDIC disclosed that the DIF was just P60.5 Billion. in just 3 months time, almost P3.5 Billion was added to the DIF now with a total of P64 Billion. WOW !!!! THAT'S FINE.

Title: Re: Update on the bank run of Legacy rural banks
Post by: bauer on Jun 18, 2009, 05:00 PM
di pa kasi makuha ng PDIC yung pera na advance nila sa PBCOM.  Supposedly last march dapat nabenta na 67% of PBCOM para mabayaran ang PDIC. eh hanggang ngayon di makahanap ng buyer ang macquarie securities (sila kasi naka asign magbenta ng shares ng mga chinoys)

Inuuna tulungan ng PDIC ang big banks gaya ng PBCOM (chinoys), Cocobank (danding) kesa sa mga rural banks (gaya natin ordinary savers).

palakasan talaga dito sa gobyerno natin kaya hirap umangat Pilipinas.  

Title: Re: Update on the bank run of Legacy rural banks
Post by: mlangseth on Jun 18, 2009, 06:54 PM
^^^ Kaya nga dapat tayo ay mag-join ng grupo na parepareha ang mga prinsipyo katulad ng DEADBOL.

For those who want to GET THEIR  MONEY BACK - join DEADBOL

Go to:  www.deadbol.com

JOIN DEADBOL NOW!
Title: Re: Update on the bank run of Legacy rural banks
Post by: Bitster on Mar 23, 2010, 02:51 AM

^^^ Kaya nga dapat tayo ay mag-join ng grupo na parepareha ang mga prinsipyo katulad ng DEADBOL.

For those who want to GET THEIR  MONEY BACK - join DEADBOL

Go to:  www.deadbol.com

JOIN DEADBOL NOW!



Waste of time going to www.deadbol.com and completing an on-line Form and submitting!

This is what comes back to you:-

Quote


From: firelady547@yahoo.com [mailto:website@deadbol.com]
Sent: 21 March 2010 23:07
To: XXXXXXXXX
Subject: DEADBOL Membership Process on Hold

Thank you for your interest.

DEADBOL is putting our application for new members on hold.  We are in the process of streamlining the application process in relation to our efforts to recoup our deposits form PDIC.

We will be posting soon, our decisions on new membership. Rest assured that we will inform you of that decision the soonest.
 
Title: Re: Update on the bank run of Legacy rural banks
Post by: chinese_democracy on Mar 23, 2010, 04:51 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: daveyc on May 04, 2010, 03:49 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: chinese_democracy on May 06, 2010, 11:06 AM
Title: Re: Update on the bank run of Legacy rural banks
Post by: mlangseth on May 06, 2010, 07:21 PM
@ Chinese democrazy..you never failed to amuse me...

Your posts say it all about you- a hateful, ignorant to the bone, low-life human being, leaving unfounded and absurd remarks due to hatred.
You must be a very miserable man..i feel sorry for you.

You have no clear idea what is going on in DEADBOL, because , you are an outcast...no knowledge of the whole truth. What you get are bits and pieces of a badmouth..that is all.

I will not answer to your posts anymore.
I will not stoop down to your level.
You do not belong in my league.
Title: Money Lending Business
Post by: moremoney01 on Jul 28, 2011, 03:32 PM
"dasaint"
I am interested to learn your technique about money lending business to ensure better repayment and making sure that non payment becomes a criminal case. Please I need your help, because I'm going to retire in shortwhile and I want to start money lending business. Please send me  information tat my e-mail add modesto_postrano2001@yahoo.com my contact number 009665-07290752, my wife's mobile in philippines +639269313190. I am in the middle east now. I want to start this biz in Masbate City. Maramign Salamat po at GOD BLESS YOU AND MORE POWER.
Title: Re: Update on the bank run of Legacy rural banks
Post by: antiscam on Oct 15, 2011, 05:37 PM
any news re celso delos angeles? i saw a big wanted sign of the PDIC posted at the airports all over the philippines. It shows all the photos and crimes of all the officers of Legacy.
Title: Re: Update on the bank run of Legacy rural banks
Post by: vicces on Mar 29, 2012, 09:39 AM
patay na pala si celso delos angeles?

http://newsinfo.inquirer.net/168793/albay-town-flies-flag-at-half-staff-for-ex-mayor-de-los-angeles

Post Merge: Mar 29, 2012, 09:42 AM
but the legal battle continues...

http://newsinfo.inquirer.net/168707/legacy-victims-vow-to-press-raps-even-after-owner-dies
Title: Re: Update on the bank run of Legacy rural banks
Post by: telemarker on Apr 03, 2012, 01:28 PM
Finally got our first check from Cardinal after two years.

No help from Deadbol who died a death and kept the money, No better than Celso.  I should have known better.

Thank you Mar Roxas
Title: Re: Update on the bank run of Legacy rural banks
Post by: antiscam on Aug 15, 2012, 03:08 PM
patay na pala si celso delos angeles?

http://newsinfo.inquirer.net/168793/albay-town-flies-flag-at-half-staff-for-ex-mayor-de-los-angeles

Post Merge: Mar 29, 2012, 09:42 AM
but the legal battle continues...

http://newsinfo.inquirer.net/168707/legacy-victims-vow-to-press-raps-even-after-owner-dies

The Legal Battle that will take around 50 years at least to be resolved. By that time all the investors will be either dead or are all stricken with Alzheimers they have forgotten it altogether. As the saying goes "IN THE LONG TERM, ALL OF US WILL BE DEAD".
Title: Re: Update on the bank run of Legacy rural banks
Post by: cutiepinoy on Sep 20, 2012, 11:03 PM
i know this is very very late pero i was able to invest 75k pesos here in legacy, i know it was a scam at first, a scam not against individual but a scam against the government... kahit labag sa kalooban ko, napilitan pa din ako kasi kapatid ko ang pumilit sa akin hehehe

was able to finish the whole 5 years bago sya nag-close, nung nagsara na sya may natira pa akong 10k pesos which i was able to get from pdic last year i think, nakuha ko sa landbank at binigyan ako ng cash card