Author Topic: Rural banks under the Legacy Financial Group offering 20% p.a. (Part 2)  (Read 82384 times)

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« Last Edit: Jun 27, 2007, 12:29 AM by AMARANTH »


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« Last Edit: Jun 27, 2007, 12:31 AM by 2slick »


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To all forumers who deposited, if for example that banco paranaque would only last 5 more months because the complaints and the accusations concernng celso's history are legitmate except that your deposits are insured, would you pull it out now?

I won't.   What I did, though, was to get bank certifications for my CTDs.   I tried to have these verified with PDIC and per PDIC, they do not verify these things until the bank is within their jurisdiction.   I'll try with BSP.
... there ain't no such thing as a free lunch...


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It is good to have a rather complete picture of the situation. We do know that rural banks lend at a shocking rate of 36%per annum to microbusinesses. All this, collateral-free. But who among us would actually go to a rural bank to open a savings account? In fact, almost none of them have ATM's. None of them spend for advertising. Where will they get the money to lend out to their clients? Therefore a number of them came out with these DYM's and high interst rate CTD's. The fact that some banks not connected with Legacy also have DYM's show the legitimacy of this practice. I have 'diversified' by putting money in First Country and G7, and will soon be looking into Makati Rural Bank, all unrelated, all non- Legacy. I am looking out for more. In the present uncertainty of equity funds and continous decline of bond funds(which I am disposing of), I have chosen to invest in these small banks. Principal guaranteed pa!


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@amaranth- i've been looking at the RBP product for months now and i've been in touch with a number of agents here in PMT. one question that made me hesitant to make a deposit is the RBP's claim that the deposit funds are lent out to teachers, etc.

maraming factors bakit ako napaisip (mga opinyon ko lang po ito):
- may mga ibang sources of funds or loan vehicles na pwedeng utangan ang mga public school teachers na mas mura pa ang interest. kahit life insurance companies ay may special loan programs for teachers. malaking market ang public school teachers kaya talagang may mga special products ang mga malalaking kumpanya para sa market niche na ito. siguro naman ay uunahin na muna nila ang mga mas murang pautang na ito bago ang rural banks.

- matindi ang admin work na required dito, considering na high volume transactions ito. from collection, payment recon, upload, monitoring of bad debts, etc. nagtataka ako kung paano naproprocess ng RBP ito sa branch offices nila. 'di naman ganun kadami ang back office staff nila ng magpunta ako. 'di rin naman masasabi na centralized sa isang main branch ang processing dahil 'localized' naman ang mga pautang nila 'di ba?

just sharing some of my thoughts...


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Please stop trying to disguise that you are doing what you are doing because you care for the people, for the depositors because what is being done here  is plain and simple economic sabotage.

Unless we see the evidence, we cannot say that there is a disguise.. let the TRUTH comes out. Let those who have issues come forward and show the real score. Let us not stop until we see the TRUTH!  :boxing:
Posted on: Jun 27, 2007, 08:27 AM

To all forumers who deposited, if for example that banco paranaque would only last 5 more months because the complaints and the accusations concernng celso's history are legitmate except that your deposits are insured, would you pull it out now?

If my placement is within the coverage of PDIC, I will continue on..we really do not know if it will last only 5 months or more..nobody is sure.. similarly when we entrust our money to any bank.. we made the decision thinking that just incase something unfavorable happens to the bank, our deposit is insured.   :yoohoo:


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« Last Edit: Jun 27, 2007, 09:32 AM by 2slick »


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« Last Edit: Jun 28, 2007, 08:05 PM by Bitster »


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As usual I am after the big picture and the longer term.

Tell me, Explosion and Businessman, in the last eight years would you be able to tell us here: if we take 1000 double your money time depositors who had started their time deposits some seven to eight years earlier, how many of the 1000 depositors had made more money from their 20% interest time deposits.

If there are 501 depositors who made more money over 499, then you people here who love to make big, easy, safe money want to play this game because you have excess money to spare; then you can open many such accounts, because you stand to make more money than otherwise by 51% probability, so that over all you make more money than lose.

What about myself? First I still don't have excess money, second even if I have I would rather go into planting camote on a huge scale; because I believe camote is a most complete food and will be the solution to starvation of many families in our God-forsaken country -- besides camote is the easiest and toughest plant to cultivate, plus it is productive all year round.

And it is versatile, aside from the leaves which are also very rich in nutrients, for its peculiar musical potential per the posterior aperture of your anatomy.

We can or I will organize a concert of such camote eaters and we will tour the country, the whole world -- Believe it or not!



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« Last Edit: Jun 29, 2007, 04:25 PM by nailbiter »
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On Fake CTDs

So what makes a CTD fake? If its not logged into the banks books then its fake?

back to RBP the very lease question now is

"How can you determine of the CTD issued by RBP is fake or not ?"

Guys, tila sinagot na niya ito in previous posts.

the only way that you can verify that your CTD is fake or not, especially if these were issued OUTSIDE OF BANK PREMISES, is by going to the bank itself that issued this and get an official certification from them that the CTD is indeed genuine.

If the CTD was issued inside the bank premises, and the depositor actually made his deposit inside the bank premises, 95-98%, this CTD is valid. The only exception is when a bank official gets the money, pockets it, and issues a CTD which is 'not booked'.  But this seldom happen. To be sure, get an official bank certification from the rural bank concerned that the CTD concerned is existing. Be sure that the bank branch manager signs this in your presence. One certification for every CTD.  Wala naman pong mawawala.

And this question:

Explosion, what's your advise for those who have deposited in RBOP? (if the deposit is within the PDIC coverage and the CTD is verified to be real naman). Kasi people cannot just hear one side and should know the issues and hear the two camps so that they will make the decision what to do with their placements. :boxing:

richpulubi managed to get an answer to as well:

So, explosion, am I correct to assume that the non-renewal of RBP's corporate papers has no direct effect on investors who dealt directly with and in specific Legacy banks, since the chances of fake CTD's is slim. That, if ever there were bogus CTD's, that they could have been fabricated by unscrupulous agents, and not the banks directly. That, in the off chance that any of these banks close shop, as long as the deposits were made in the banks, PDIC will honor the agreement. Long and short, you are not dissuading us from investing, whether there is funny business going on, as long as we deal with the banks directly, and run the risk of closure with PDIC to fall back on.


For as long as the CTD is made / issued in the bank, chances for it to be FAKE is slim. Worst case scenario, the PDIC pays a maximum of  P250th of your exposure.

So explosion, as richpulubi has pointed out, said issuance of fake CTDs may well be the work of unscrupulous agents or employees. While you question the credibility of CDLA, is it your position then that these Legacy banks are not deliberately issuing bogus CTDs? Can you clarify, as I asked in my pending question in the previous post, what you state is a deliberate move by RBP to allow its corporate life to expire as a means to renege on its obligations to its depositors?
MP3: Musikang Pinoy Plus, Palabas! A Concert for a Cause
26 October 2008, Sunday, 3pm, Philamlife Theater


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« Last Edit: Jun 27, 2007, 11:48 AM by oishidu »


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Off-Topic: Bitster, please watch your language and be reminded that, as per our rules, "Defamatory, obscene, threatening, profane or hateful messages are not allowed." Discourse and arguments in the forum, no matter how heated the exchange may be, are tolerated but make sure the posts do not fall under the stated rule. Otherwise they will be edited or deleted. Please be advised.

This goes to everyone posting in this and other threads in the forum as well.
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MP3: Musikang Pinoy Plus, Palabas! A Concert for a Cause
26 October 2008, Sunday, 3pm, Philamlife Theater


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@ nailbiter: yes banks need to apply for the rediscounting line from BSP. Me bago ata sila rediscounting line specific for microfinance eh.  Please refer to this bsp circular for further reference on bsp rediscounting:


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