refund Archives » Pinoy Money Talk

ExportBank closed, now under BSP receivership

Export and Industry Bank, more popularly known as ExportBank, is now closed and has been put by the Bangko Sentral ng Pilipinas (BSP) under receivership effective today, April 27, 2012.

Yesterday, April 26, ExportBank informed the BSP that it is insolvent and might be unable to meet maturing obligations and may be forced to declare a bank holiday. The Monetary Board of the BSP swiftly issued a resolution placing the bank under receivership.

The Philippine Deposit Insurance Corp. (PDIC) has taken over the bank and promised depositors refunds will be issued upon complete verification and validation of bank records.

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.

Guide for Legacy depositors: How to claim money from PDIC

The Philippine Deposit Insurance Corporation (PDIC) is now processing the claims of depositors of the following Legacy rural banks with deposit balance of P100,000 and below.

Please refer to the following for a guide on how to get your money back.