Banking and Bank Products Archives » Page 5 of 14

ExportBank closed, now under BSP receivership

Export and Industry Bank, more popularly known as ExportBank, is now closed and has been put by the Bangko Sentral ng Pilipinas (BSP) under receivership effective today, April 27, 2012.

Yesterday, April 26, ExportBank informed the BSP that it is insolvent and might be unable to meet maturing obligations and may be forced to declare a bank holiday. The Monetary Board of the BSP swiftly issued a resolution placing the bank under receivership.

The Philippine Deposit Insurance Corp. (PDIC) has taken over the bank and promised depositors refunds will be issued upon complete verification and validation of bank records.

Prudentialife bankrupt, seeks corporate rehabilitation

The Insurance Commission on February 3, 2012 issued a “Stay Order” on the request of troubled pre-need firm Prudentialife Plans Inc. for corporate rehabilitation.

With the “Stay Order” decision, all payment of claims by planholders effective February 6, 2012 are suspended. That means starting February 6, all Prudentialife planholders cannot file for any claims against the company until its corporate rehabilitation plan is approved. All claims being processed, however, as of February 6 will still be honored and funds will be released to planholders.

Still looking for new Philippine peso bills

It’s been a Christmas tradition for most ninongs and ninangs to give new and crisp peso bills to their inaanaks. That’s why last week, I went to a bank to exchange my old bills into the crisp ones. That’s also when I remembered that I still have not completed my collection of new Philippine peso bills.

It’s been exactly one year since the Bangko Sentral ng Pilipinas (BSP) announced that they will release the new version of Philippine peso bills. They even said that the new bills will be in public circulation before Christmas of 2010.

Fast forward one year later and after much controversy about the bills’ design (I for one thought they look like play money), it’s now Christmas 2011 and the new bills are still rare to find.

LBC Bank now closed; PDIC to issue deposit refunds

Another one bites the dust.

LBC Development Bank, commonly known as LBC Bank to depositors, has been ordered closed by the Bangko Sentral ng Pilipinas (BSP) starting September 9.

The Philippine Deposit Insurance Corp (PDIC) announced it is taking over the assets and liabilities of LBC Bank after the BSP determined last week that the thrift bank was insolvent and violated a cease-and-desist order on unsafe and unsound banking practices.

Housing Loan interest rates in the Philippines

The battle for low housing loan rates in the Philippines is on. In the previous months, we’ve seen a variety of advertisements by local banks aggressively promoting their discounted home loan rates.

Here is a list of housing loan rates offered by Philippine banks.

(Update October 2014: Compare New Housing Loan Interest Rates in the Philippines)

For sale: Philippine Bank of Communications (PBCom)

Anyone interested to buy the Philippine Bank of Communications (PBCom)?

PBCom, a minor player in the Philippine banking industry, is again up for rebidding with the Macquarie Group already sending out invitations to other banks to submit a bid proposal.

The sale is part of the bank’s agreement with the Philippine Deposit Insurance Corporation (PDIC) to divest a majority of its shares following the bank’s rehabilitation in 2004 wherein the PDIC extended P7.6 billion worth of financial assistance to PBCom.

The Banco Filipino pyramid scam

Back in 2008, several PinoyMoneyTalk forum members were lured by Banco Filipino’s promise of high returns for their deposits. At that time, Banco Filipino (BF) was offering gargantuan interest rates, with one time deposit scheme offering to double one’s money after 5 years.

Referring to that Banco Filipino time deposit offer, PMT Forum member yellowminded commented in December 2008: “If you think about it, with monthly interest out, after 3 years you’d have gotten back more than half of P500,000.”

To which another member, wintan2006, replied in jest: “That is kung buhay pa ang Banco Filipino before you have doubled your money.”

The eerie reality is, as of March 2011, Banco Filipino is already closed.

Franchising: a great wealth-builder

More and more Filipinos are turning to entrepreneurship to grow their wealth. According to the Philippine Franchise Association (PFA), the franchise industry has shown an outstanding growth—from 50 franchises in the 1990s to over a thousand today.

Banking and Bank Products

Pinoy Money Talk