Friday, March 18, 2011

Banco Filipino

The Monetary Board decided yesterday (March 17, 2011) to place Banco Filipino under the receivership of the Philippine Deposit Insurance Corporation (PDIC). This ends days of depositor uncertainty. Now the waiting begins. Depositors with balances of P5000 and below will be mailed postal money orders. Those with larger deposits need to file claims forms.
Unfortunately I have some money deposited with Banco Filipino. I was attracted to the higher interest rates and was quite aware of the risks, especially in light of the Legacy debacle. What's more I was already aware a few months ago of trouble brewing between the bank and the BSP. There were some news reports about their war of words, but I chose to ignore them. There are lessons to be learned here, I'll let you decide what they are.
Media Release on the BSP Website
Edit: Here's a page on the PDIC site where you can download a claim form: PDIC: How to file claims
Scroll to the bottom of the page for the form download link.

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