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Banco Filipino Has Done It Again

March 19, 2011

The last time they closed without notice, according to my father at least, was still in the 70’s.  He remembers this because his savings was in Banco Filipino at that time, and when they suddenly closed he was no longer able to get back what he saved.  Now I did a bit of searching and I found in Wikipedia this bit of history:

In 1970, Banco Filipino started expanding into the countryside with its first provincial branch opening in Naga City. By 1972, the bank’s customer base grew to one million customers, even in the midst of martial law. It was voted the most preferred bank in Metro Manila in 1975. By 1981, the bank achieved what no other savings bank could: 89 branches, four billion pesos worth of assets, three million customers and three thousand shareholders.

On January 25, 1985, even though Banco Filipino was performing well and was seen by most people as a very healthy bank, the Bangko Sentral ng Pilipinas ordered its closure over alleged insolvency. For most of the 1980s, Banco Filipino would remain closed, until a 1991 ruling made by the Supreme Court declared the bank’s closure illegal. Banco Filipino subsequently reopened, albeit only with fifteen of its original 92 branches, in 1994.

I’m not sure if my dad’s memory serves him well or if it was in 1985 that the bank closed (if so, I would’ve already been born then and I should at least remember my family talk about this… but I don’t remember my family discussing this).  Whenever it was, time sure made people forget.  Soon after they reopened, Banco Filipino acquired new clients and depositors to entrust them with their money.

And then this happens.  A few days ago, perhaps March 15 or before that, branches of Banco Filipino started to close and people could not withdraw their money.  Now they closed entirely, allowing only a few employees in, but suspending most of the employees without reason (some of them even have deposits in this bank) and worse, only allotting a measly Php5,000.00 to  each of their depositors.

I don’t think the Filipino people should EVER trust this bank again.  This bank said they closed because of the panic withdrawals people made, but come on… to begin with these people wouldn’t panic if they hadn’t started closing their branches left and right!  I don’t care what their reasons are, they are running away from their responsibilities, they are stealing what little money their depositors have, they are a bunch of liars and have absolutely no care for their customers!

I feel so sorry for many of the depositors who have worked years to save even just a few thousand pesos, only to end up without any money and having to borrow in desperation.  This is not fair for them and there MUST be some way the Government can help them.  The Government should also close Banco Filipino for good and punish everyone involved in their scam!

This bank and their stockholders, owners, and everyone running their scams owe so much to all their clients who lost their money and even their employees who lost their jobs–and I’m talking not just of this recent fiasco but even decades ago when my father experienced the same thing.  Such a racket must never happen again and they ought to be JAILED, stripped off their business licenses and confiscated of their money in order to bring them back to the people they stole it from.  This reminds me, it’s the same kind of punishment that should happen to the Arroyo family and all their cronies!  Because really, they’re all stealing bast*rds.

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