The Philippine Deposit Insurance Corp. (PDIC) recently reported that the former president of a closed Legacy affiliate bank was arrested last week.
Romualdo Lugtu, former president of The Center Rural Bank in Alabang and former director and vice president for loans and credit of Banco Paranaque, was arrested on Thursday, January 28.
PMT Forum member tacamonchi recently shared some useful updates about the Philippine Deposit Insurance Corporation’s (PDIC) takeover of the Rural Bank of Paranaque (Banco Paranaque) in the thread Legacy Financial Group’s rural banks.
Early this week, he visited RBoP’s Ortigas branch and was able to talk to a Ms. Hermie from the PDIC who graciously answered all his questions. Here are what he have gathered from the conversation.
