banco filipino Archives » Pinoy Money Talk

The Banco Filipino pyramid scam

Back in 2008, several PinoyMoneyTalk forum members were lured by Banco Filipino’s promise of high returns for their deposits. At that time, Banco Filipino (BF) was offering gargantuan interest rates, with one time deposit scheme offering to double one’s money after 5 years.

Referring to that Banco Filipino time deposit offer, PMT Forum member yellowminded commented in December 2008: “If you think about it, with monthly interest out, after 3 years you’d have gotten back more than half of P500,000.”

To which another member, wintan2006, replied in jest: “That is kung buhay pa ang Banco Filipino before you have doubled your money.”

The eerie reality is, as of March 2011, Banco Filipino is already closed.

Banco Filipino depositors: How to file claims with PDIC

It’s official: Banco Filipino is closed and is now under the receivership of the Philippine Deposit Insurance Corporation (PDIC).

On March 18, the PDIC announced it is taking over Banco Filipino and initial steps to start the processing of claims are now under way.

Banco Filipino closes, blames BSP for bank holiday

And we all thought they were “Subok na Matibay, Subok na Matatag.”

Several branches of Banco Filipino were closed today, March 15 — the second time the troubled bank declared a bank holiday in 26 years.

The bank admitted they are recently experiencing “heavy withdrawals” and blamed the country’s Central Bank for “orchestrating” a smear campaign against them.