It’s official: Banco Filipino is closed and is now under the receivership of the Philippine Deposit Insurance Corporation (PDIC).
On March 18, the PDIC announced it is taking over Banco Filipino and initial steps to start the processing of claims are now under way.
And we all thought they were “Subok na Matibay, Subok na Matatag.”
Several branches of Banco Filipino were closed today, March 15 — the second time the troubled bank declared a bank holiday in 26 years.
The bank admitted they are recently experiencing “heavy withdrawals” and blamed the country’s Central Bank for “orchestrating” a smear campaign against them.
A few weeks ago, I issued a post-dated check (PDC) but forgot to fund it prior to deposit date. My bank, the Bank of the Philippine Islands (BPI), called me up to follow up. I then immediately made the fund transfer and the check was honored on the same day without me paying any fees.
Unfortunately, starting this year, this is not anymore possible. The Bangko Sentral ng Pilipinas (BSP) recently issued Circular No. 681 or the “Revised Check Clearing and Settlement Processes.” Taking effect on January 1, 2011, the circular basically requires check issuers to fund the check prior to issuance.
Two weeks after posting how the new Peso bills look like, I i finally got hold of the new P20 peso bill. Just like my initial impression before, the actual bill looks a lot like play money to me.
Don’t get me wrong. The new Peso bills do appear more modern in terms of design and perhaps with the new security features, they’re probably better compared to the old ones. But after being exposed to the old bills for a couple of decades or so, it would certainly take a few years before I’d get used to the new Peso bills.
The Bangko Sentral ng Pilipinas (BSP) unveiled yesterday the newest series of the Philippine Peso bills. The banknotes, which will be in public circulation soon, sport a more modern design with visual elements and security features that are not in the current peso bills.
Here are the new look of the latest banknote series of the Philippine Peso.
President Noynoy Aquino recently announced that he is instructing the Overseas Workers Welfare Administration (OWWA) to set aside P1 billion (US$23.5 million) as “reintegration fund” from which returning Overseas Filipino Workers (OFWs) can borrow money.
The goal is definitely noble but it is our hope that the loans program be managed efficiently so that it won’t be a losing venture for the government. Some OFWs do need financial support upon their return and providing access to business capital is a big help towards convincing them to stay permanently.
Be informed: it is unlawful to charge or be charged two prices — a Cash Price and a Credit Card Price — for the same product.
Department of Trade and Industry (DTI) Undersecretary Zenaida Maglaya, in an interview with ABS-CBN’s Mornings@ANC, issued a reminder to establishments that the law forbids the imposition of additional charges on items purchased through credit cards.
Based on Article 81 of Republic Act 7394 (“Consumer Act of the Philippines”), goods and services must not be sold at a higher price that what is stated and without discrimination to all buyers.
Last week, Citibank Philippines reported that one of its private banking officers have gone missing and allegedly carted with him hundreds of millions of pesos worth of depositors’ money.
Francis Bryan Ang, an Assistant Vice President (AVP) of Citibank Binondo’s Citigold Wealth Management Group, is said to have stolen at least P100 million of his clients’ money. Another news report place the total amount allegedly stolen between P600 million and P1 billion.
