Deadbol. Street slang for something that is dead.
That seems to describe the status of refunds owed to thousands of depositors of the failed rural banks under the Legacy Group.
Almost six months after Legacy banks closed and declared bank holiday, majority of depositors are still not paid by the Philippine Deposit Insurance Corp. (PDIC).
The PDIC claims they have started making payments and have already settled a quarter of the alleged Php 6 billion “doubtful” accounts.
And yet most, if not all, members of the PinoyMoneyTalk Forum who are also members of the DEADBOL (Depositors Enabling All Depositors for Banks of Legacy) Group report that they have not seen even a single cent of refund from the PDIC.
The goal of the DEADBOL Group is simple: to call on the PDIC to act on its mandate which is to protect depositors.
According to one of its members:
It is DEADBOL’s mission to expose PDIC’s role in the Legacy mess and push government leaders to find ways and means for the PDIC to get back on track on its mandate to strengthen public confidence in the banking system by protecting the depositor. So far, the actions and pronouncements of PDIC president Jose Nograles have only served to protect his job by pandering to misinformed grandstanding legislators while creating consternation and anxiety among the depositors.
We fully support the DEADBOL Group in this crusade.
We join them in reminding the PDIC that trust is what makes the banking industry, and if the PDIC cannot be trusted with its mandate to protect depositors, the Philippine banking industry may well soon be deadbol.