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Supreme Court issues TRO vs. Legacy banks

It is reported that the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) successfully secured with the Supreme Court last week a Temporary Restraining Order (TRO) on enforcement of lower court rulings that favored several banks under the Legacy Group.

According to the story:

The high tribunal’s decision effectively gives banking regulators the green light to act on adverse findings made during their last examination of the 10 financial institutions scattered around the country.

The financial institutions covered by the ruling are Rural Bank of Parañaque Inc., Rural Bank of San Jose (Batangas) Inc., Rural Bank of Carmen (Cebu) Inc., Pilipino Rural Bank Inc., Philippine Countryside Rural Bank Inc., Rural Bank of Calatagan (Batangas) Inc. (now Dynamic Rural Bank), Rural Bank of DARBCI Inc., Rural Bank of Kananga (Leyte) Inc. (now First Interstate Rural Bank), Rural Bank of Bisayas Minglanilla (now Bank of East Asia), and San Pablo City Development Bank Inc.

Is Citibank the next big bank to collapse?

Before, it was Bear Sterns.

Then AIG.

Then the Lehman Brothers.

Is Citibank the next big, global bank to fail?

Yes, according to some financial experts interviewed by the UK newspaper The Daily Mail. According to analysts, the company may not have enough cash to withstand subprime mortgage losses that could amount to £13.3 billion.

BPI Trade password problem finally solved

After more than 2 weeks of waiting and rambling about BPI call center’s ineffiency in handling customer calls, my BPI Trade password problem was finally solved today.

A few minutes ago, I called BPI’s Customer Support Hotline at 89-100 and, unlike my previous attempts, instantly got connected without hearing that “All circuits are busy now” message.

BPI Call Center undermanned or plain lazy?

Almost a week after I posted my BPI Trade password problem, I still have not solved it because it looks like no one’s around at the BPI Call Center.

On October 9, I made a gazillion calls to BPI’s customer support number 89-100 or 891-0000 but the only response I got was “All circuits are busy now. Please try again later.”

BPI Express Phone: All circuits are busy now

Early this morning, I got locked out of my Bank of the Philippine Islands (BPI) Trading account after I incorrectly entered my password three times. Apparently, I had forgotten that I changed my password a few days ago.

Around 10 in the morning, I called BPI’s Customer Phone Support at 89-100 or 891-0000 to help me reset my password. What greeted me was the pre-recorded message, “Sorry, all circuits are busy now. Please try again later.”

Ok, fine, I’ll try again in 10 minutes.

Higher PDIC coverage: Good or bad?

The issue of increased deposit coverage by the Philippine Deposit Insurance Corporation (PDIC) is probably a no-brainer to most people. If it can be made … Read More

Any update on College Assurance Plan (CAP)?

What’s the latest on CAP or College Assurance Plan, the failed pre-need firm that left millions of Filipino pension and educational plan holders with nothing when it went down several years ago?

That’s what a few PMT members want to know in the discussion thread CAP Insurance, any experience?

Member foolcha said that CAP Pension is still liquid with enough assets in cash while the CAP Educational Plan has assets but are mostly illiquid, which means they cannot be easily converted to cash. Both CAP Pension and CAP Educational Plan are being managed by a trustee under the supervision of the Securities and Exchange Commission (SEC).

Prudentialife cuts interest rate of Pension Plan products

PMT member shobe recently disclosed that Philippine pre-need firm Prudentialife is lowering the interest rate it is offering to its Pension Plan products.

In the discussion thread Prudentialife Pension Plan to cut pension interest rate from 12% p.a. to 6% p.a., shobe shared that her mother received a letter from Prudentialife saying the interest rate applied to monthly pension benefits will be cut by half.

The pension plan product used to offer 12% interest per annum but starting October 1, the new adjusted rate is 6% per annum.

Excerpt of the Prudentialife letter below.

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