Equitable Savings Bank (ESB) is 100% owned by Equitable PCIBank. ESB was incorporated and registered with the Securities and Exchange Commission (SEC) on May 16, 1996 and was granted the authority to operate as a thrift bank by the Bangko Sentral ng Pilipinas on May 24, 1996. It's main office branch in Greenhills was opened on July 17, 1996.
IGX wrote: »
would it be safe to save money here say you have PHP100,000.00 or just invest the money on mutual funds?
Does anyone in the Philippines or anywhere know about the 20% interest per annum paid by some rural banks in the Philippines, with interest paid monthly, without any risks for being covered by Philippine Deposit Insurance Corporation insurance, and being tax exempt, with five years maturity; so that in five years a timed deposit of one million pesos will double your million to two millions plus?
Look up this internet link:
Rural banks under the Legacy Financial Group offering 20% p.a.
I am curious and also interested because it seems a good way to retire on my life's savings.
http://www.pinoyexchange.com/forums/showpost.php?p=19393897&postcount=2 theprofessor post #2
http://www.pinoyexchange.com/forums/showpost.php?p=19439786&postcount=12 theprofessor post #12
http://www.pinoyexchange.com/forums/showpost.php?p=19404441&postcount=4 metropolitan post #4
http://www.pinoyexchange.com/forums/showpost.php?p=19414488&postcount=9 philbankprduct post #9
philbankproduct wrote: »
20% p.a. Bank Time-Deposit
That's correct. Rural banks were created and existed for a purpose. Microfinancing for SMEs. There are rules to be followed from BSP to access tax incentives of these rural banks. Try to visit for answers to your questions http://philbankingproducts.blogspot.com/
Posted by Phils. BANK TIME-DEPOSIT @ 20% p.a. [Friday, April 6, 2007] at 12:57 AM 0 comments
Blogger name: Phils. BANK TIME-DEPOSIT @ 20%p.a.
Friday, April 6, 2007
Phils. BANK TIME-DEPOSIT @ 20%p.a.
A Bank Time-Deposit that Doubles your money in 5-years
5-Year BANK TIME-DEPOSIT Product: CTD Monthly
GUARANTEED 20% Interest Rate per annum (TAX-FREE)
Interest paid monthly for 60 months (5 years), starting 30 days after deposit
Deposits insured by Philippine Deposit Insurance Corporation
(PDIC) maximum of Php 250,000.00
Mechanics: (sample illustration)
<!--[if !supportLists]-->Ø <!--[endif]-->For a Php 1,000,000.00 placement
<!--[if !supportLists]-->Ø <!--[endif]-->Earn interest of Php 16,666.66/month for the next 60 months, thus interest earnings amount to a total of Php 1,000,000.00
<!--[if !supportLists]-->Ø <!--[endif]-->Principal Sum of Php1,000,000.00 will be released upon maturity date
Minimum placement: Php 100,000.00
Member: Philippine Deposit Insurance Corporation (PDIC)
Email Proponent at:
Mobile (+63) 922 888 6597
Theres always Smart & Safe place for your money
Frequently Asked Questions
How safe are my deposits?
<!--[if !supportLists]-->· <!--[endif]-->Investment secured by Certificate of Time Deposit (CTD) or bank passbook.
<!--[if !supportLists]-->· <!--[endif]-->Bangko Sentral ng Pilipinas (BSP) is the governing body of all banks.
<!--[if !supportLists]-->· <!--[endif]-->Deposits insured with Philippine Deposit Insurance Corporation (PDIC) up to Php 250,000.00 (for PDIC, inquiries please visit website www.pdic.gov.ph
Why can rural banks give high interest rates on our time-deposits?
<!--[if !supportLists]-->· <!--[endif]-->Bangko Sentral Ng Pilipinas (BSP) is granting higher tax incentives to rural banks over commercial banks since this will help Small and Medium Enterprises (SMEs) in the country.
<!--[if !supportLists]-->· <!--[endif]-->Per BSP manual Sec. X242, there is no ceiling in giving interest rates.
Why are interest rates on our time-deposits in commercial banks low?
<!--[if !supportLists]-->· <!--[endif]-->Commercial banks borrowing rate is also low ( 12-14% p.a. ) compared to borrowing rate of our rural banks (36%).
What are your outlet of funds?
<!--[if !supportLists]-->· <!--[endif]-->Micro financing to SMEs by rural banks is at the rate of 36% per annum or 3% a month. Please refer to Entrepreneur magazine August 2006 issue.
Any other additional safety nets for my deposits?
<!--[if !supportLists]-->· <!--[endif]-->Advance monthly interests of 20% per annum ( 1.666% per month ) will be received regularly thereby reducing any risk exposure.
Why should I place in a high-yield 20% p.a. double your money in 5-yr program?
<!--[if !supportLists]-->· <!--[endif]-->To protect the purchasing value of your money from deterioration due to inflation.
<!--[if !supportLists]-->· <!--[endif]-->There is always a need to diversify your investments into various financial portfolios to ensure the growth of your savings fund.
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Phils. BANK TIME-DEPOSIT @ 20%p.a.
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susmariosep wrote: »
Read this from DaVinciCode, most enlightening.
Absolutely informative post from a good fellow member, reproduced below from Thread: Bank time deposit with 20% etc.
Posted by DaVinciCode
[Today, 01:32 AM, i.e., April 14, 2007, Saturday.]
Just remember to be sceptic about stuffs you read from the internet. Especially from people who asks you to hand-over P100,000 worth of your money promising big returns, and yet (1) his preferred method of communication is email, (2) doesn't give a landline and instead gives you a cellphone number (mobile numbers are not traceable in the Philippines), (3) doesn't leave a name, and (4) points you to a blogspot instead of a physical business address.
Also remember that a lot of rural banks end up on default before the 5 years is up.... along with your money.
Also remember that a lot of rural banks end up on default before the 5 years is up.... along with your money. -- DaVinciCode
Now, finally, for being a bumpkin from the hills but persistent in trying to find out what's funny about this 20% deal, I have read something that is much and most vitally and crucially and critically important than if I were to attend a hundred seminars on banking and finance.
So, the trick is to pay you some months of monthly interest but the bulk of your principal still not yet returned to you until the completion of five years; however the smartaleck operators behind the rural bank will render the bank insolvent before you get your principal back, so that they are still ahead by several tens of thousands of your hard earned dough. Hahahaha!
PS It pays to pray that ejaculation [pun not intended] with every message, "Susmariosep"! I have faith in Jesus Mary Joseph, that with every invocation of their sacred names they will be on guard for my safety and the security of my savings.