Banco Filipino goes Bank Holiday!

[tidus1203]

hahahaha

--

hirap naman maging staff ng BF

pumasok sila sa trabaho para murahin ng mga customer

Or maybe to have their passbook updated? That is if those printed in the passbook does exist...

[uls]

tapos gamitin nila ang passbook as collateral

mangutang sila sa ibang tao, sangla passbook

babayad sila pag pwede na mag withdraw

hehehe

[tidus1203]

I guess you also need to teach kids WHERE TO SAVE as well!

[vito corleone]

So kung bawal mag withdraw, anyone care to deposit more money?

"tidus 3 pts!" haha. . .

yun di nila sinabi, so pwede pa nga. . .mga kawatan

[tidus1203]

BFSMB's official statement...

Smear Campaign

The on-and-off smear campaign being waged by individuals/groups against Banco Filipino since it reopened in 1994, using malicious information and distorting facts, has surfaced once again.



As early as October 2003, we brought this matter to the attention of the BSP and the Monetary Board at a meeting with them which we formalized in a letter to them on October 9, 2003, at the same time seeking their support thereon. We were required to submit a Business Plan to serve as a basis in considering our request. As early as 2003, we already stressed the need for immediate action by the Monetary Board. It was only last December, 2009 or more than six (6) years and eight (8) revisions of the Business Plan that the Monetary Board finally approved a set of financial assistance and regulatory relief. During this period, your Bank could only wait for MB action and conserve its assets forming the bulk of the Business Plan. Delayed as it was, this approval is most significant for your Bank. The Monetary Board approval of the financial support is a confirmation that Banco Filipino is solvent and that the Monetary Board is convinced that Banco Filipino can continue to operate with safety to its depositors, clients and the public. The Monetary Board cannot take such action unless such conditions exist. In fact at a meeting with BSP and BF officers present, Deputy Gov. Nestor Espenilla made a comment that he knows BF “is asset-rich”. Truly, your bank’s realizable assets composed mostly of prime real estate properties are much more than total liabilities. And your bank’s entitlement to its damage claims has been established when the Court declared that its job is only to determine how much the damage is. Banco Filipino in its damage suit is also able to claim continuing damages as a result of its illegal closure.



We have already written the Monetary Board of our acceptance of the financial support and regulatory relief. In the meantime, we continued to operate without any assistance from the BSP which has acted swifter and more generously for other banks which were not even damaged by its regulator. We waited for almost a year but with no positive response from the BSP, we had no recourse but to seek judicial action. The Court acted favorably on our request and ordered the BSP and the Monetary Board to implement without delay the business plan that was approved for the Bank. The BSP elevated the case to the Court of Appeals on an issue of jurisdiction. But unless and until the Court of Appeals reverses the order of the RTC of Makati directing the BSP to implement the Business Plan and to refrain from doing acts inimical to the bank, said order stands and has to be complied with. Clearly the appeal will not alter the Writ of Preliminary Mandatory and Preventive Injunction issued by the Makati RTC Branch 66 that prevents BSP and the Monetary Board from enforcing other regulatory measures and abuses calculated to force Banco Filipino into agreeing to withdraw its damage claims and to waive future claims against the MB-BSP, and enjoins all persons acting in their behalf from continuing and committing acts prejudicial to Banco Filipino’s operations until the final disposition of the case.



The issue before the CA is whether Makati RTC Branch 66 has jurisdiction over the case filed by BF to determine the legality of BSP’s action for Banco Filipino to drop its damage claims and to waive future claims against the MB-BSP as a condition for the implementation of the Business Plan which BSP approved as regulator.



The BSP also needs to act in accordance with Section 16 and 27 (c) of RA 7653 otherwise known as the New Central Bank Act.



With the implementation of the financial support and regulatory relief in the Business Plan, Banco Filipino will start year 1 of the Plan with positive capital in the Balance Sheet. The 20-year Business Plan projects the long-term viability of the Bank which, in the words of our beloved founder, Mr. Tomas B. Aguirre, “will continue to grow and serve the Filipino people beyond our own lifetimes”.
As you all know, Banco Filipino has been, still is, the most closely and strictly monitored and supervised bank in the country. It has mostly been under a BSP-designated Comptroller since the Bank re-opened in 1994 under its “enhanced monitoring system.” All transactions of the Bank are “passed upon” by the BSP-designated Comptroller who submits regular reports to the Monetary Board as needed or at least on a quarterly basis. During all this time, Banco Filipino has never been sanctioned by the Monetary Board for any unsafe or unsound banking practice.



No doubt, our quest for justice after Banco Filipino was illegally closed by the old Central Bank on January 25, 1985 has been long and hard. Up to now, or 26 years later, your Bank is still seeking redress for the damage caused by the illegal closure which the Supreme Court declared to have been done “arbitrarily and with grave abuse of discretion.” We know that standing up for our rights will pose challenging situations like what we are experiencing now. With the continued support and confidence of everyone, we shall surmount all these and bring Banco Filipino back to its rightful place in the banking system where once again it will be an effective instrument for the economic and social well-being of the Filipino people.




TEODORO O. ARCENAS, JR.
President

To All Concern:

As you are all aware, we have been suffering from extraordinary financial panic caused by a well orchestrated smear campaign quoting BSP as the source of inaccurate and malicious imputations.

The bank is exhausting all efforts to protect its depositors by asking the BSP to stave off the heavy withdrawals by denying the derogatory news articles attributed to them and by providing emergency loan assistance after submitting sufficient collateral. Despite the urgency of all these requests, we have not received any official word from the BSP/MB on the action they have taken, if any. Furthermore, we have also reiterated the immediate implementation of the approved business plan as ordered by the Makati-RTC. Moreover, the court order prohibits the BSP/MB, its officials, agents and any persons acting for and in their behalf from committing any act prejudicial to the operation of the bank.

Kindly inform and clarify this matter to our depositors and assure them that as soon as we receive official notice of any favorable action taken by the BSP/MB we shall advise them accordingly.

For your information and dissemination.

MAXY S. ABAD
Executive Vice President

http://www.bancofilipino.com/news.html

[chua_riwap]

*24 Oras:

Saw this bald Perfecto Yasay declaring "BF is on a bank holiday, we are open, but nobody can withdraw cash".

Ogags, he has the nerve to say that? Kaya ka sinabihan ni Erap noon na....."Tamaan ka sana ng kidlat!"

[dcph172]

tsk tsk wala ng mamanahin si shalani soledad. sabagay may willie pa naman siya hehe

[Monseratto]

Funny how they criticize the BSP, yet expect them to fork out billions in "relief assistance" to help them...

[uls]

finally that damn thing is shut down

Banco Filipino placed on receivership by PDIC
http://business.inquirer.net/money/b...ership-by-PDIC

[tidus1203]

I hope the depositors have no more than P500K and a 6 month need for the money cause if they do they are SCREWED!

Di sila aabot sa pasukan sa June hehehe