Depositors of the closed Legacy rural banks have little reason to rejoice when the Philippine Deposit Insurance Corporation (PDIC) announced on March 9 that all depositors, including those with deposit balances of more than P100,000.00, can now submit claims.
That’s because according to the PDIC, “payment of valid claims shall be mailed.”
Now, it takes only a bit of common sense to know that sending payment cheques via mail is not a good idea.
Let us first remind the PDIC that they are mandated by law to pay insured depositors either through cash or deposit to another insured bank. As per Section 14 of Republic Act 3951 or the PDIC Charter:
Whenever an insured bank shall have been closed by the Monetary Board pursuant to Section 30 of R.A. 7653, payment of the insured deposits on such closed bank shall be made by the Corporation as soon as possible either (1) by cash or (2) by making available to each depositor a transferred deposit in another insured bank in an amount equal to insured deposit of such depositor.
Payment by cheque would be acceptable but sending it via postal service would definitely open a can of worms.
Has not the PDIC heard of mails being lost or stolen? In the past, several Filipino online earners reported that their payment cheques from Google Adsense were stolen — and even encashed by other people in another city!
Is not the PDIC aware that regular mail normally takes weeks, sometimes months, before it reaches the recipient? Are they really intent on prolonging the suffering of Legacy depositors?
Take a stand right now and show PDIC your opposition to this plan. Support the petition of PMT members:
We, the depositors of the closed rural banks of the Legacy Group, vehemently object to any plan of the PDIC to send payment cheques via mail.
The mail delivery system in the Philippines is, regrettably, inefficient and unsafe. If the PDIC decides to mail the claims payment, this would no doubt bring more harm than benefit to Legacy depositors who have already suffered enough.
Add your support to this petition by posting a comment below.
More discussions on Legacy-related issues:
As much as the actions of the PDIC disgust me, especially with the latest foolhardy plans to mail payments to depositors.I cant help but feel that the mailing of payments is nothing more than a smoke screen to take our attention away from the bigger plan to default on the bulk of the payments to depositors, am I worried about payments being mailed, Yes! but I’m more worried about payments even being made,PDIC you bring shame to this country and it’s banking industry. I hope that the decision makers rot in hell.
These Philippine government agencies are rotten to the core- BSP, SEC, PDIC.
There must be people power to overpower the corruption, the kind of people power that overthrew the Marcos regime.
PDIC, we need you now more than ever. Our trust and confidence in you need to be strengthened otherwise, more economic turmoil will follow. You have already dicouraged a lot of investors to continue business in the Phil.
We need the checks in our hands before we leave the grounds of the closed rural banks. Sending it thru the mail is adding more insult to agony.
rotten… rotten…
for heaven’s sake, do not mail the checks!
This might be more convenioent?
http://www.vizu.com/poll-vote.html?n=152708
PDIC simply cannot pay as it has no money.
The consequence? This will trigger massive capital flight and economic collapse will most likely ensue.
I support the petition. PDIC must pay all the depositors in cold cash as long as we (the depositors) has a valid proof of time deposits. Whatever happens to Legacy (scam or not) is not the depositors faults so PDIC (and some stupid politicians) stop blaming the depositors on the Legacy’s mess. We (the depositors/investors) already suffered enough so do not add insult to injury.
NO TO MAILING OF PDIC CHECKS! PDIC, FOLLOW THE LAW!
PDIC thru JOSE NOGRALES is very DISGUSTING. if worst comes to worse and i won’t get paid by PDIC. My only consolation is to see both JOSE and BOY NOGRALES rot in JAIL.
We want to let PDIC know that we are AWARE of their GAMES and DELAYING TACTICS. if PDIC won’t PAY us. Then, we are SCAMMED TWICE. 1st, by LEGACY. 2nd, by PDIC. and we will NEVER allow PDIC to SCAM us TWICE.
After viewing the comments it has dawned on me that there really are a lot of stupid people in this country.
1st of all if you placed your money in Legacy rural banks hoping to “double” your money because of the ridiculous high interest rate then you deserve to lose every last centavo for being an idiot. When other banks are only offering less than 2% for time deposits and you see a bank that offers 20% it doesnt take a rocket scientist to discover that something is up.
If you knew that there was a possibility that this was a scam and you still placed money in the rural banks simply because you KNEW PDIC was going to bail your sorry ass anyway if something were to go wrong; then you should be jailed along with Celso for attempting to SCAM the philippine government. Despite popular belief PDIC does not print money.
If you really wanted to keep your money safe; there are so many good banks out there like BPI, BDO, Metro etc. With established track records. Why would anyone even bother with Legacy? The combined ineptitude, greed and possibly sheer stupidity of the legacy depositors has nearly brought down the entire banking system.
The problem with filipinos is that we always abdicate PERSONAL responsibility. We always want government to take care of us and we bitch bitch and bitch when things dont go our way (or should I say we call for a fucking edsa everytime things dont go our way).
To all Legacy depositors: When dealing with YOUR own money always conduct DUE DILLIGENCE…and please use your fucking head once in awhile.
* Ps I agree with the mailing of checks. Bad idea all around.
DEVILS advocate, im SURE inutosan ka lang ng PDIC or ni JOSE NOGRALES. shut up. YOU FUCKING BULL SHIT. Sana MAWALA lahat ng pera mo. and sana KUNIN ka na ni LORD. SANA ma-aksidente ka sooner or Later. KSP ka. UR never welcome here. you are a SPY from the Gov’t.
Guess what I found:
http://www.pinoymoneytalk.com/2007/06/08/double-your-money-investment-philippines/
To ALL those who wrote in the forum, who attempted to scam the philippine government. The very same people who are crying like whiny bitches that all their money is gone. Whose irresponsibility and stupidity nearly brought down the entire philippine banking system.
FUCK YOU ALL, I hope you never see a cent of your money again. You are as much at fault as Celso de los angeles.
I fact I would counter-argue. If PDIC does indeed pay back all the money you lost. Who will stop you from doing this shit all over again. You would probably put all your money on the next double your money bank and then we will go through this over and over again. fuck you.
SHUT up DEVILS advocate..!!!!!!!!!!! Why don’t You TELL that to JOSE and BOY NOGRALES na mga pawang nag-invest din sa LEGACY ha!!!!!!!!! wat ur trying to say is, kung nde ka PULITIKO, dapat nde ka mabayaran. YOU mother fucker. GO fuck ur dogs…>!!!!!!!!!!
Barumbado and GOONS, Let us Leave this Mother Fucker alone muna. Kc im sure binayaran lang iyang ng PDIC eh. or kamag-anak iyan nila. HIRED iyan nila eh. Kapag manira pa iyan sa atin dito. Dat means inutosan tlga iyan nila. For an obvious reason………..,
i AGREE Sheriff. Nobody wud defend the PDIC. EXCEPT itz own employees and relatives. itz an OBVIOUS reason. im a moderator here. So, i can trace up ur identity w the help of IMBESTIGADOR.
Yay comments
GOONS: The government could not possibly afford to hire me as a spy. Ill try to say it in a way that your simple brain can understand. I used to work in a bank. A BIG bank. And I also put all my money in a bank. a BIG bank. Where it earns a pathetic 1% per year. While people like you brag to me for the last 3 years cause their legacy accounts earn 20% per annum. Who is the idiot now? In case you didnt figure it out. You are the idiot.
BARUMBADO: If they did invest I hope they never see their money again as well. What im saying is that people should NOT be bailed out. Whether politico or not. No excuses.
“Fuck your dogs”? Is thats whats in your brain all the time? No wonder you invested in legacy.
i would rly AGREE w you Moderators. i BILIV that PDIC is rly DESPERATE already. it even HIRED sum1 to make a RESEARCH of all our threads. cgro iyan lang ang WORK niya, iyung mag RESEARCH sa mga threads dito.
Kung tatawag iyang DEMONYONG iyan sa no. na given dito, We can trace that thru cell site. and another means. hmmm…………,
itz rly obvious that this sum1 HIDING from the name Devils Advocate is from the PDIC. Becoz u will only Defend if ur interest is at stake. Then, we can use wat this DEVIL has wrote here if PDIC will not pay. Devils advocate, you already admitted that ur hired by the gov’t by continuing wat ur doing. itz so obvious already. if u want to incriminate urself more. Then, go ahead.
oh yeah…? if itz true. Then, wat BANK? YOU shud know how to LIE better. Becoz all Banks, wud want PDIC to straighten up. Becoz the clients of other banks are apprehensive alrdy. Becoz of PDIC. So, obviously YOU are LYING na naman. Lol……..,
wat BIG bank? is that Land Bank? Lol……. HARHARHARHARHARHAR>…………..,
even PNB offered DYM in 5 years. B4. oh yeah…??? oh really…??? u work in a BIG BANK. wen in fact, if one rly owns or works in a bank. itz primary concern is to PROTECT the confidence of the depositors in the Banking industry. Therefore, wud NEVER comment things such as wat DEVIL wrote here. unless YOU want to scare ALL of ur depositors AWAY in 1 day. Lol………. Waaaaaaaaaaaahhhhhhh…….. Huling huli ko ikaw. ngunit di maka-sigaw. Woh… Woh……….,
i think this Devil’ s advocate is juz in 1 neighborhood w me. May nag visit nga sa kaniya the other day eh. And marami cyang iniisip ngayon. wat if kung Lagyan ko ng spy cam sa c.r. itong si Devil…,
Count me in…Absolute NO to mailing of claims payment.
count me in. mailing cheques is bullsh*t.
iling the checks is one of the DELAYING tactics of that shit PDIC. senator roxas! please, help us. pressure the PDIC.
We, the depositors of the closed rural banks of the Legacy Group, vehemently object to any plan of the PDIC to send payment cheques via mail.
The mail delivery system in the Philippines is, regrettably, inefficient and unsafe. If the PDIC decides to mail the claims payment, this would no doubt bring more harm than benefit to Legacy depositors who have already suffered enough
PCRB in LILOAN CEBU received amounts of 400,000 [my uncle’s money, actually] & even 2MILLION PESOS A DAY BEFORE THEIR BANK CLOSURE.
MAiling the checks is one of the DELAYING tactics of that shit PDIC. senator roxas! please, help us. pressure the PDIC
lisa cañete is the manager of PCRB here in liloan cebu. she is making ‘house-to-house’ visit sort of thing to the people whom she have known who’ve sold a land to deposit their money to the said freakin mad bank, enabling her to have a big percentage of their sum [not to mention she’d bought a car by doing her thing ]..& then, there was this one sole depositor with the penny of 2M [already on the bank] that she meant to distribute the money to the relatives of the owner so that she won’t be scolded coz of the fact that only 250K is the minimum to be given to the depositors. [whatever am i saying..but this is true]
I AGREE, NO TO MAILING OF CHECKS BY PDIC. HOW ROTTEN THE PDIC IS. We want to let PDIC know that we are AWARE of their GAMES and DELAYING TACTICS. if PDIC won’t PAY us. Then, we are SCAMMED TWICE. 1st, by LEGACY. 2nd, by PDIC. and we will NEVER allow PDIC to SCAM us TWICE.
NO TO MAILING OF CHECKS!!! NO WAY!!! I COMPLETELY AGREE THAT THE PHILIPPINE POST OFFICE IS NOT A RELIABLE WAY OF SENDING OUR CHECKS ESPECIALLY CONSIDERING THE AMOUNTS. THERE IS NO GUARANTEE THAT WE WILL BE ABLE TO RECEIVE IT. SO I STRONGLY OPPOSE TO THIS SYSTEM OF CLAIMING!
FREAKING RURAL BANKS TO HASSLE US LIKE THIS! #@!%#$@!
If Section 14 of Republic Act 3951 or the PDIC Charter is stated as such then it goes w/o saying that PDIC shud follow it; unless upper management is that incompetent.
PDIC is proving that they are also corrupt just like the other gov’t entity in the Phil.
I will never put a dime in any bank anymore. How could the gov’t no step in when PDIC’s mandate is almost over. This only proves PDIC is not oly corrupt but does not care for Filipino people.
Show me the money PDIC before I put dollars again in your country. It is your loss in the long run because all foreigners I know will stay away from Phil banks. They will go to Singapore or China instead. Wake up PDIC. Stop sleepin on the job!!
Seems the PDIC feel they can do anything they like, and no one will challenge them.
They have not complied with their Mandate in the PDIC Charter to pay all Claims as soon as possible, and certainly failed to pay many Depoistors Claims within the 6 month ‘deadline’ given in
Section 14 of the PDIC Charte?.
Sure have 12 x Legacy Group Banks with 135,000 Accounts and Php14.3B Insured Deposit Total is a lot, but 3 Banks have closed in 1 months before and did not take the PDIC some 3 months to announce Claims Acceptance for those and I bet it also did not take another 9 months and claims payments still outstanding.
The huge amount of Bank Records and Documents was made more complicated by removing them from the Banks, without a proper Database set up to receord all the relevant details.
When you ask the PDIC for a Statues update on a articular Claim, they are unable to give you an accurate up to date answer. So bad is their Cl;aims Processing and tracking system they even report ‘NYF’ (Not Yet Filed), when the claims had been filed nearly 9 months ago and there is the Claim Form Triplicate (yellow) copy to prove the CTD or SSD Passbook was surrendered at that time. Even more shocking when one such Claim, marked ‘NYF’ was actually paid out on, 5 months ago!
Section 14 of the PDIC Charter mentions that if delays bey9ond 6 months from submitting a claim, can be proven to be due to say ‘gross negligence’, than PDIC Directors. Officers or employees of the Corporation, upon conviction, could go to Jail from 6 months to 1 year.
I don’t know if it could go to Court and if any Judge would pronounce ‘Gross Negligence’, but you tell me what else can it be, when the PDIC send out the 1st Notice regarding a claim, more than 7 months from submission date. That delay is unacceptable, but worse – the mailing of such late letter, then gets delayed by another 44 days before getting a MAKATI CITY C.P.O, date stamp! Then Philpost then take another 20 days to deliver to claimants Post Office. This has to be down to bad management, carelessness, gross negligence, or malice, since the PDIC have managed to mail other letters in just 2 days from the date of the letter.
Yes, I agree that check payment should not be mailed but should be paid in the premises where the depositor deposited his/her money. This procedure of mailing check payment was never practiced in the past. The old system was smooth, inexpensive, and practical. The past PDIC presidents simply sends their officers to the closed bank to pay the depositors their valid claims. The idea of mail payment is risky. It gives anxiety and adding more mental anguish to depositors. Mr. Jose Nograles is the worst PDIC president we ever had. He had turned into a cruel beast by asking requirements and more requirements making it difficult and more difficult for depositors to get paid of their insured deposits. For your info, it has come to a point for PDIC that the Certificate of Time Deposit and Savings Deposit will no longer be valid to them unless you show evidence where your money came. This is the latest AFFIDAVIT OF CIRCUMSTANCES that PDIC is now asking their depositors to accomplish. The affidavit requires you to show receipts where your money came and to waive your rights against the secrecy of your deposits by giving them allowing them to investigate the cash flow of your savings. It is getting tougher and tougher as though Mr. Jopot Nograles wants to save the institution from paying insured deposits or maybe get away from it. I must think that he is drowning himself with the Syndrome called Abuse of Authority.
WOW! Wonderful and well deserved.