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).
Those looking for recent updates regarding the bank holiday declared by rural banks under the Legacy Financial Group need not look further. Below we’ve compiled news articles published on Philippine newspapers and official statements from the Bangko Sentral ng Pilipinas (BSP) regarding the issue.
For more updates, drop by the forum threads Update on the bank run of Legacy rural banks and Discussion of Legacy Group.
Update: Two days after this article was posted, there are now official reports about Legacy banks closing and declaring a bank holiday. Read more here: Update on Legacy rural banks and in the Legacy Banks discussion thread.
After months of speculation in the PMT Forum, several banks under the Legacy Financial Group reportedly declared a bank holiday early this week, meaning they are, for the meantime, closed while planning for the next steps.
There are no official news available online yet but here’s what we have gathered so far based on posts by several PinoyMoneyTalk members.
Please note that the following are unofficial and unconfirmed statements and are merely opinions of PMT Forum members. As of this writing, there is no official word yet from the Bangko Sentral ng Pilipinas (BSP) or the Legacy Group.
