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Update on the bank run of Legacy rural banks

FutureGizmo · 462 · 116569

FutureGizmo

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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)
- Hi-interest time deposits in Legacy Financial Group's rural banks (Part 13)
- How to claim insured P250,000 from PDIC
- Explanation of the PDIC coverage

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 - 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 - 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 - 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.
« Last Edit: Dec 23, 2008, 04:14 PM by FutureGizmo »




workoshore

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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.




dadi_drew

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


dwin

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workoshore

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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:


tacamonchi

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[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.


cil

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


ot:
he's still updating me through email......


dadi_drew

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naturalbornkiller

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Hi Cil,

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

dwin, kamusta na classmate - Ernest


dwin

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 :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.






bigoink

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Where are you going to put it ,once you get it back .......in the other rural banks ?




quantumrock

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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


sikilim

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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!



waterfront

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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.



waterfront

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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.



AbysmalSpecter

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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.



waterfront

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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:



Bitster

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PhilKiyosaki

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ahock

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do you guys have an update on when to go to RBoP for TD of 250k?




todjikid

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waterfront

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no update yet mr. takilid. maybe PDIC is still extending their vacation.


pingles

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waterfront

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royal_argosys

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 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?


ric_TNT

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quantumrock

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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:


2pac

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Nag karoon ba ng bayaran? so 100% closed na si Rural Bank of Paranaque?


mlangseth

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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??


ice_man101

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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.


GoodSteward

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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.
« Last Edit: Jan 05, 2009, 09:55 PM by GoodSteward »




FutureGizmo

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Please refrain from posting irrelevant discussions in this thread. Use this thread only to post official information found online or news from credible sources.


Bitster

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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







hitman246

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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.  


antiscam

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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...


GoodSteward

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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.


Bitster

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.....
 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?)


quantumrock

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kermit208

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^Don't count your chickens before they've hatched.
i havent got any chickens lol :watchuthink: i got ducks is  that the same lol


gta4

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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



mt88

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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





lowprofile

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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!


gidnoch

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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:


DARK.KNIGHT

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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


AMARANTH

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aMuLeT

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antiscam

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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!


GoodSteward

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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.
« Last Edit: Jan 19, 2009, 02:11 PM by GoodSteward »


 


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