Corruption Seems To Be The Norm Here

[Mr Lee]

So it now seems the bank officers are just as corrupt as some govt officials, if not more. Doesn't anyone in upper positions have any pride in themselves? THE government on Friday suspended all 740 officers and employees of the closed Banco Filipino Savings and Mortgage Bank and started taking over the bank’s main office in Makati City and its 62 branches nationwide to secure its financial records.“We met all the officers and employees of Banco Filipino. They are now suspended without pay,” said Cristina Orbeta, executive vice president of Philippine Deposit Insurance Corp.But some staff would be tapped to facilitate the turnover of all documents, she said.The Monetary Board, the Bangko Sentral’s policy-making body, had earlier placed the bank under PDIC’s receivership as a result of its financial difficulties.Central bank Deputy Governor Nestor Espenilla Jr. said those difficulties came about after the bank approved billions of pesos in loans to directors, officers, stockholders and related interests.“Of its total loan portfolio of P4.1 billion, more than half of that was DOSRI loans,” Espenilla said. “DOSRI [Directors, Officers, Stockholders and their Related Interests] loans are loans extended to the companies that are related to the bank. Virtually all the DOSRI loans are past due and they have been past due for a long time.“This is the number one reason why the bank went bankrupt years ago. It extended loans to its own companies.”Banco Filipino, a thrift bank controlled by the Aguirre family, has granted loans in the real estate business. It was first closed in 1985, but was allowed to reopen in 1994 after a long legal battle with the central bank.The complete story HERE

[Old55]

Foreigners are fortunate to bank offshore. We have a BPI account with enough to be useful but if lost not painful.The lesson is keeping your wealth safely locked outside of Philippines with only yourself able to access it. Be worth more alive than dead. My heart goes out to all the honest hard working Filipinos who may have lost out on another bank rip-off.

[Bundy]

Foreigners are fortunate to bank offshore. We have a BPI account with enough to be useful but if lost not painful. The lesson is keeping your wealth safely locked outside of Philippines with only yourself able to access it. Be worth more alive than dead. My heart goes out to all the honest hard working Filipinos who may have lost out on another bank rip-off.

Exactly! in these days of online banking and low cost international transfers why would anyone want to take the risk in having large amounts of your money tied up in Philippine banks........... just plain dumb if you ask me. Just like you, we have a BPI atm account with just enough in it for our needs, we also have a BDO account so we can split the risks. As foreigners we are in a good position to be able to do just this. Edited March 20, 2011 by Mr. Lee
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