Mass Withdrawals Hit Gensan Banks, As Pacman Withdraws Millions

[chua_riwap]

Since tapos na election, dito ko na lang ilagay itong thread na ito.

Anyway.......talagang itong si Cong. Pacquiao, "ENG-ENG". Gumastos ng napakalaki sa election, wala namang pag-asa manalo. Sinaid na ata yung milyones niya sa bangko. Ang mga depositors, nataranta!



Pacquiao Withdraws Millions From Banks


A locally-based thrift bank and two branches of regular commercial banks based in Manila are having difficulties servicing their clients panicked by the sudden withdrawal of most of the deposits of boxing champion Manny Pacquiao.

Informed sources said Pacquiao withdrew all his money from a bank in General Santos City as he conducted a personal audit and found he spent more than P140 million in election-related expenses but was still trounced by his diminutive political opponent. The withdrawal triggered similar withdrawals in two other banks in the city whose own clients heard of the sudden Pacquiao withdrawal, according to the sources.

None of the banks was identified but two of them are branches of two Manila-based commercial banks and the other is a locally-based thrift institution, the sources said. Sources said the banks hit by sympathetic withdrawals dealt with their problems by accessing the overnight market to service worried depositors.

According to the sources, Pacquiao, who ran under the Kabalikat ng Malayang Pilipino (Kampi), was miffed that his Metro Manila-based political principals did not deliver their end of the bargain as he sought the reimbursement of expenses arising from his decision to seek an elective position in his native province of South Cotabato. There was a reported deal for Pacquiao to spend from out of his personal pockets, with the principals pledging to reimburse every centavo spent at the end of the campaign period.

According to sources, Pacquiao called his political principals as it became clear just days before the actual May 14 elections that he would lose his bid to get a congressional seat, only to have them cut the phone line abruptly.
Subsequent attempts to reestablish contact proved futile, and this led Pacquiao to take all his money from the banks, ostensibly so the boxing champion could take stock of what was left of his personal wealth, the sources said.

Temporarily illiquid banks, such as those hit by mass withdrawals, borrow from others on very short term basis and return the money right after. That the problem was addressed adequately by the overnight market and without the intervention of the Bangko Sentral ng Pilipinas was a clear indication of the relative strength of the banking system as a whole, the sources said.

Meanwhile, a member of Team Pacquiao said it was possible that the superstar boxer did lose that much money in his attempt to become a congressman. “The P140-million plus Manny lost, [that] could be true,” a Pacquiao confidante said. “Definitely, it’s not lower than P100 million.”

One instance relating to how Pacquiao was duped is how two operators charged the boxer P500,000 but never worked for him after being paid. The operators said they would help Pacquiao in his campaign but would only do so if Pacquiao paid them the initial sum. Pacquiao never heard from them again. He later found out that they were already working in his rival’s camp.

[Galactus]

Well, part of me says, "Buti nga!" but another part says "kawawa naman."

He should have heeded the popular clamor for him to just concentrate on boxing instead. He should really learn from this experience.

[ozcity]

tsk tsk kawawang pacman..sinamatala ang pagka mang mang

[oldblue]

Peso sign talaga tingin sa kanya ng lahat ng campaign managers and politicians who convinced him to run.

isang panalo lang naman ata nya sa boxing yan 100M

[vhenok]

And the news is he's going out of the country for a vacation...or baka he i-safety na muna nya money sa other countries?

Saw him last Friday having lunch in one of the restos infront of US Embassy, mukhang haggard at parang nilampaso sa boxing ring hehe! Nag-aayos pala ng US Visa for a much needed vacation!

Tsk tsk! I pity the man, ang hirap ng nagpapagamit!

[b1rken5tock]

wow!!! 140milyon peysos!!!! knock out yun!!!

[awing]

hay nako.........sayang idol!!! marami pa sana mapupuntahan yung pera mo

[claRkEnt]

as i have mentioned in the other thread, i am now curious on his speech if ever he will win in his next fight.

[pobreparin]

IMHO, malamang ay di naman nakakarating talaga kay pacquiao ang mga negative views dun sa pagkandidato nya eh....by observing him, masasabi natin na he trusted all the people around him....and most people around him have vested interest(a.k.a...gusto syang perahan)...so malamang filtered lahat ng nakakarating sa kanya..puro mga positive lang ang pinapaalam.....which is the common scenario naman sa mga sikat na tao, officials, etc....
sana nga lang, magtanda na sya ngayon....kawawa talaga sya at pamilya nya kung di pa rin sya matututo....he might end up the same as his fellow boxer kababayan...si navarette......

[mazdamazda]

P140M for a congressional seat? He was scammed by his campaign manager/s - that's for sure.