Give donation to Consortium

Friday, March 13, 2009


Sen. Francis “Chiz” Escudero is skeptic about the validity of claimsby 12 rural banks owned by the Legacy Group that it has about P12billion worth of deposit accounts.

Based on current Philippine Deposit Insurance Corp. (PDIC) records,only 3% (P381 million) of verified accounts worth P6.43 billion inbanks owned by Legacy are eligible for insurance payments, and thataround P6.05 billion remains questionable.

“Before the PDIC even starts considering insurance payments todepositors of these banks, it should first focus on protecting thedeposits and investments of the public in general,” Escudero said.

He added that the PDIC should also try to strengthen the credibilityand integrity of banks through the application of proper safeguards asstipulated in RA 8754 (the Banking Law of 2000) and RA 8799 (theSecurities Regulation Code).

The PDIC is a government body under the Department of Finance taskedto assess and collect insurance assessments from member-banks toinsure their deposit accounts.

In case of bank closures, it processes and services claims for insureddeposits, which are insured to a maximum coverage of P250,000 perdepositor.

“I believe the officials of these rural banks owned by Legacy shouldbe sued for attempting to fool the PDIC. I want to caution the PDICagainst paying off claims for these dubious accounts claims,” Escuderoadded.

1 comment:

  1. buti pa pdic, theyre giving some money back. legacy ko wla pa. thats why im monitoring it sa blog ko so ill know ano balita.