To an individual/organization or other entity with an interest in the future of the Philippines’ banking industry

>> Saturday, January 9, 2010

We, an organization named DEADBOL (Depositors Enabling All Depositors in Banks Of Legacy), thought that it may be of some interest to you to become aware that a huge number of OFWs (Overseas Filipino Workers), expatriates currently residing in the Philippines, and other foreigners with financial interests in the Philippines, will no longer trust another peso of their hard-earned money to become part of the Philippines banking industry. They will be depositing their monies in the countries where they now reside or were former residents of, but more importantly, in countries that they trust to secure their financial futures.

Many of the aforementioned mistakenly believed that the assurances posted within Philippine bank premises, along with the same being stated on a government departmental website, were in fact true. What we are referring to here are the PDIC’s (Philippine Deposit Insurance Corporation) misleading statements about deposit insurance in the Philippines. Indeed, they actually state that their vision is to be a ‘world-class’ organization in depositor protection and that they actually “exercise complementary supervision” of the banks that they oversee.

These have been proven to be just meaningless words, issued to bestow a false confidence upon a nation of unsuspecting depositors. In practice, PDIC don’t even come close to ‘world class’ and second class would be paying them a huge complement.

Members of DEADBOL, and thousands of others, had the misfortune of depositing their hard-earned monies in banks supervised by PDIC, and are now paying a huge price for believing the statements proudly promoted by this government entity. Many even encouraged family members to deposit into the Philippine economy, only now to rue the day that they gave such encouragement. Family’s have been torn apart by PDIC’s inability to act on its mandated obligations.

It has now been ten months since PDIC supervised banks closed, and more than the mandated six months since claims were finally allowed to be filed. Many claimants have still not heard the slightest murmur from PDIC regarding their claims. Some, admittedly, have received a very small percentage of their overall claims, but this feels like the deployment of yet another confidence trick, nothing but fire-fighting by the PDIC. They are certainly doing nothing to eradicate the inferno.

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