tom_shor Posted December 9, 2008 Posted December 9, 2008 OH NO! :AddEmoticons04230: :th_thsmilies-29057: I think it will be a worrysome Christmas for many. Link to comment Share on other sites More sharing options...
Mike S Posted December 10, 2008 Posted December 10, 2008 Yea it sure looks like it ....... but some of the "sponsors" for lack of a better word .... are still telling their underlings that all is well don't worry nothing is going to happen ....... while others can't be contacted ....... as everyone I know was told by me "if you can't afford to loose it ... don't invest it" ....... I still have a hard time in believing that you can get something for nothing ....... but then what do I know ....... :AddEmoticons04230: :AddEmoticons04230: Link to comment Share on other sites More sharing options...
TheMason Posted December 10, 2008 Posted December 10, 2008 I've toyed with the idea of investing in PDIC insured rural bank accounts but decided against it. Mainly because I don't trust the stability of the banks and the interest isn't really as good a return as it appears to be.Most rural banks pay anywhere from 15-20% interest. It's likely the weakening peso will match that in the next year. The peso needs to go to 55-57 = 1 USD to match that interest rate. That exchange rate does not take into account the taxes paid on interest earned or the interest you can earn in US investments. I think the exchange rate will be slightly below that mark but when you account for taxes and US interest earned, keeping your money in the US looks more attractive.The US economy is in pretty poor shape these days but when you look at the options, I still think it's the safest place to keep my money.Aside from the earning potential of investing in rural banks, I think you'd have to be crazy to trust more than a couple thousand $$ to a Filipino bank. Corruption permeates every aspect of Filipino life, including the banks. The failure of rural banks is simply another example of the oligarchs sticking it to the average Filipino. A few foreigners got caught up in it, but c'est la vie. Business as usual in the Philippines.(By the way, what do you call average Filipinos? I don't think you can call them average Joes.) Link to comment Share on other sites More sharing options...
Mr Lee Posted December 10, 2008 Author Posted December 10, 2008 http://www.sunstar.com.ph/network/2-more-banks-shut-doors2 more banks shut doors Thursday, December 11, 2008 CEBU Link to comment Share on other sites More sharing options...
tom_shor Posted December 10, 2008 Posted December 10, 2008 As they used to say, Bend over and prepare to receive. This is a major hose job for sure. Those with amounts below the insured amount will probably eventually get it returned. Just not anytime soon. Bad news for those who need the money. Link to comment Share on other sites More sharing options...
chimellie Posted December 11, 2008 Posted December 11, 2008 There goes my money.......Good thing I didn't invest alot, hope I will get the refund from PDIC Link to comment Share on other sites More sharing options...
Mr Lee Posted December 11, 2008 Author Posted December 11, 2008 There goes my money.......Good thing I didn't invest alot, hope I will get the refund from PDICChi, Sorry it seems to have worked out that way for you and anyone else who may lose money, hope you get your money back from the PDIC. Link to comment Share on other sites More sharing options...
Mike S Posted December 11, 2008 Posted December 11, 2008 Wow .... sure sorry about you Chi ....... your one of the good guys ...... sure glad you didn't invest much ....... of coarse you wouldn't mind having to eat from the soup kitchens if you were poor ....... :AddEmoticons04230: ...... now maybe you'll rent Julie and I the spare room you had set up for the Captain ....... heck ... it is probably bigger than my current apartment ..... ....... I'll even help you with raising the ducks ....... but ain't no way I'm gonna help you eat their babies ....... :AddEmoticons04230: Link to comment Share on other sites More sharing options...
chimellie Posted December 11, 2008 Posted December 11, 2008 Wow .... sure sorry about you Chi ....... your one of the good guys ...... sure glad you didn't invest much ....... of coarse you wouldn't mind having to eat from the soup kitchens if you were poor ....... :AddEmoticons04230: ...... now maybe you'll rent Julie and I the spare room you had set up for the Captain ....... heck ... it is probably bigger than my current apartment ..... ....... I'll even help you with raising the ducks ....... but ain't no way I'm gonna help you eat their babies ....... :AddEmoticons04230:Just 20 grand !!!! I might have to sell my new house to pay the debt...Just kidding. The Captain aint coming now, but I have another friend coming with me next time to find a wife, but first he wants to some have fun in the city.Man I miss balut :23_11_60[2]: and Tanduay, thanks for reminding me. Link to comment Share on other sites More sharing options...
Steve Posted December 11, 2008 Posted December 11, 2008 Man I miss balut :AddEmoticons04230: and Tanduay, thanks for reminding me.Don't ya just hate when people remind you things????Now I miss Tanduay also.......gee thenks...LOL Link to comment Share on other sites More sharing options...
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