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Banco Filipino declares holiday, BSP says explain

razzer_risingrazzer_rising Please do not use prohibited words in your user title to avoid sanctions. PEx Influencer ⭐⭐⭐
Several branches of Banco Filipino Savings and Mortgage Bank of the Aguirre family were closed for a bank holiday Tuesday, the second time the bank with the popular slogan, Subok na Matibay, Subok na Matatag,"closed down" in 26 years.

http://www.gmanews.tv/story/215308/banco-filipino-declares-holiday-bsp-says-explain
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Comments

  • ccyaccya Member PEx Rookie ⭐
    waahh .. badtrip. i have account on them! X(
  • 24carnation24carnation Member PExer
    Somebody explain please? From what I read, they are accusing the BSP of leading a smear campaign versus them, leading to large panic-withdrawals and affecting their liquidity? Kasi the BSP illegally closed them in 1985, and BSP has to pay them a fine?
  • aaroncmaaroncm 6-3-1 PEx Veteran ⭐⭐
    Somebody explain please? From what I read, they are accusing the BSP of leading a smear campaign versus them, leading to large panic-withdrawals and affecting their liquidity? Kasi the BSP illegally closed them in 1985, and BSP has to pay them a fine?
    nanalo sila sa supreme court kaya BSP have to pay Banco Filipino some damages.

    Na rule ng Makati Regional Trial court granting BF for a 25 billion financial assitance loan from BSP to rehabilitation purposes.

    But Perfecto Yasay the vice chair of BF was claiming that BSP is blackmailing them. BSP will only release its 25 billion package to BF if they will only drop all their lawsuits against BSP in which Yasay didn't agree. Yasay told reporters that BSP was behind its smear campaign against BF.


    sana maayos na ito kasi kawawa ang depositors ng BF if ever
  • 24carnation24carnation Member PExer
    ^^ oh okay. Ang sama naman ng BSP. Magbayad sila no!
  • stepehenyan@12[email protected] haremnojutsu PEx Veteran ⭐⭐
    tug of war pala nangyayari naiipit mga depositors.
  • jester5jester5 Member PExer
    aaroncm wrote: »
    nanalo sila sa supreme court kaya BSP have to pay Banco Filipino some damages.

    Na rule ng Makati Regional Trial court granting BF for a 25 billion financial assitance loan from BSP to rehabilitation purposes.

    But Perfecto Yasay the vice chair of BF was claiming that BSP is blackmailing them. BSP will only release its 25 billion package to BF if they will only drop all their lawsuits against BSP in which Yasay didn't agree. Yasay told reporters that BSP was behind its smear campaign against BF.


    sana maayos na ito kasi kawawa ang depositors ng BF if ever

    Banco Filipino managed to win almost all its cases against BSP all the way to the Supreme Court (SC). The SC decided in 1991 that the closure in 1985 of Banco Filipino, the Philippines' biggest savings bank, was illegal and that the bank had sufficient liquidity when the BSP arbitrarily and illegally ordered it closed.

    Instead of complying with the 2010 final and executory Makati Regional Trial Court decision to give the 25 billion package of financial assistance and regulatory relief to Banco Filipino, BSP pushed or encouraged the smear campaign against the bank.:grrr: This is BSP's rotten way of getting back at Banco Filipino for winning it's cases against them.


    So much for BSP's compliance with the rule of law.
    :grrr:
  • cretinous00cretinous00 The sea! The sea! PEx Influencer ⭐⭐⭐
    a really dirty business. on a personal note, our neighbor just finally recovered all her payments to CAP philippines for her child's education. guess where she deposited. :(
  • jester5jester5 Member PExer
    jester5 wrote: »
    Banco Filipino managed to win almost all its cases against BSP all the way to the Supreme Court (SC). The SC decided in 1991 that the closure in 1985 of Banco Filipino, the Philippines' biggest savings bank, was illegal and that the bank had sufficient liquidity when the BSP arbitrarily and illegally ordered it closed.

    Instead of complying with the 2010 final and executory Makati Regional Trial Court decision to give the 25 billion package of financial assistance and regulatory relief to Banco Filipino, BSP pushed or encouraged the smear campaign against the bank.:grrr: This is BSP's rotten way of getting back at Banco Filipino for winning it's cases against them.


    So much for BSP's compliance with the rule of law.
    :grrr:

    Here's the background on this, from a December 28,2010 issue of the Philippine Star http://www.philstar.com/Article.aspx?articleid=643141

    BSP ordered to release P25 billion for Banco Filipino reopening
    By Edu Punay (The Philippine Star) Updated December 28, 2010 12:00 AM Comments (0) View comments

    MANILA, Philippines - The reopening of Banco Filipino Savings and Mortgage Bank is finally moving forward almost 19 years after the Supreme Court declared with finality its 1985 closure illegal and arbitrary.

    This after a Makati regional trial court reported to the High Court that it has already directed both the Bangko Sentral ng Pilipinas (BSP) and its policy-making body Monetary Board (MB), to immediately implement Banco Filipino’s business plan.

    Makati RTC Branch 66 specifically ordered BSP and MB to release without delay the financial assistance and package of regulatory relief worth P25 billion for the reopening, restoration and reorganization of the bank seized before the end of the dictatorship of the late President Ferdinand Marcos.

    The business plan was approved by the MB through Resolution No. 1668 and subsequent amendments after seven years of continued summary denial.


    Private legal counsels of the MB and BSP have advised their clients to comply immediately with the writ of preliminary mandatory and preventive injunction issued by RTC Judge Joselito Villarosa after several hearings.

    Banco Filipino, on orders of the RTC, had posted a P50-million bond for the implementation of the writ that mandated the immediate implementation of the bank’s business plan.

    In the same writ, both MB and BSP officers, employees and representatives have been restrained “from enforcing other regulatory measures and abuses calculated to coerce petitioner (Banco Filipino) into agreeing to drop and/or withdraw its suits and damage claims against respondents (MB and BSP) and to waive future claims against respondents or their officers, employees, representatives and all persons acting in their behalf.”

    The BSP and the MB have also been restrained by the trial court “from continuing and committing acts prejudicial to petitioner’s (Banco Filipino’s) operation.”

    Earlier, the SC had allowed Banco Filipino to pursue its P18.8-billion damage suit against the BSP before the Makati City RTC in connection with the bank’s illegal closure in 1985. In allowing the suit to proceed, the SC upheld a Court of Appeals ruling that the BSP is a “successor-in-interest” of the Central Bank, which padlocked and liquidated Banco Filipino.

    Banco Filipino was the country’s biggest savings bank with almost four million depositors before its arbitrary closure in 1985
    during the time of the late Central Bank Governor and MB chairman Jose “Jobo” Fernandez,

    In 1991, the SC declared the closure “arbitrary and with grave abuse of discretion.”

    The decision became final and executory on Feb. 4, 1992.


    On July 27, 1984 when Banco Filipino was placed under conservatorship through MB Resolution No. 955, the bank filed its first civil case denominated as CV No. 8108.

    On Jan. 25, 1985, the then CB issued MB Resolution No. 75 that ordered the closure of Banco Filipino and placed it under receivership. The second civil case denominated as CV No. 9675 was filed by Banco Filipino.

    On March 22, 1985, Banco Filipino was placed under liquidation prompting the padlocked bank to file its third civil case denominated as CV No. 10183.

    The three civil cases were ordered consolidated by the SC in a resolution dated Aug. 29, 1985. Six years later on Dec. 11, 1991, the SC annulled and set aside MB Resolution No. 75, ordered the reorganization and reopening of Banco Filipino, and ruled that the closure was done “arbitrarily and with grave abuse of discretion.”

    Two years after the creation of BSP and the abolition of the CB in 1993 through Republic Act No. 7653, Banco Filipino filed in 1995 its first amended/supplemental complaint against CBBoL and individual defendants Fernandez, Carlota Valenzuela, Arnulfo Aurellano, and Ramon Tiaoqui – all members of the MB at the time the bank was padlocked in 1985.

    Despite the motion to dismiss the first amended/supplemental complaint, the RTC accepted it with a ruling that the CB continued to exist as the CBBoL not later than 25 years after its abolition.

    In 2003, Banco Filipino filed its second amended/supplemental complaint before the RTC to include the BSP and MB as additional party-defendants “to afford full and complete relief to the bank in the event that the 25-year period within which the CBBoL is to exist under RA 7653 expires.”

    In January 2004, the Makati City RTC admitted the second amended/supplemental complaint. The CBBoL’s motion for reconsideration was also denied.

    The denial of the motion for reconsideration prompted the CBBoL to elevate the issue before the CA attributing abuse of discretion on the part of the trial court in accepting the second amended/supplemental complaint.

    In resolving the issue, the CA said: “Far from being contradictory, the orders respectively admitting the first and second amended/supplemental complaints are consistent with each other in that the first order, the CB continues to exist and has remained a defendant but with a new name – CBBoL, while the BSP pursuant to RA 7653 is the sole successor-in-interest of the old CB and that the transfer of assets from the CB to the BSP during the pendency of the subject civil cases constitutes the latter as a transferee pendente lite. Thus, the confusion being claimed by the petitioner (CBBoL) is more imaginary than real and is mainly the result of its own manipulation or misrepresentation of facts.”

    The CA decision was affirmed by the Supreme Court in 2009.
  • ErasmusDErasmusD Member PExer
    jester5 wrote: »
    Banco Filipino managed to win almost all its cases against BSP all the way to the Supreme Court (SC). The SC decided in 1991 that the closure in 1985 of Banco Filipino, the Philippines' biggest savings bank, was illegal and that the bank had sufficient liquidity when the BSP arbitrarily and illegally ordered it closed.

    Instead of complying with the 2010 final and executory Makati Regional Trial Court decision to give the 25 billion package of financial assistance and regulatory relief to Banco Filipino, BSP pushed or encouraged the smear campaign against the bank.:grrr: This is BSP's rotten way of getting back at Banco Filipino for winning it's cases against them.


    So much for BSP's compliance with the rule of law.
    :grrr:

    i don't know but i think there's something really, really wrong with the way BSP is handling this. :rolleyes: if what you're saying is true, and you appear to have the facts with you, BSP, being a government agency, should set the example and obey the court decisions. if BSP is, as you claim, spearheading the smear campaign against Bance Filipino, its vindictive and terribly irresponsible on the part of BSP because ordinary small depositors will be the victims.

    i'm also wondering why gloria's BSP Governor Armando Tetangco was reappointed by noy. i am a noynoy supporter and it would be better if leftovers from the gloria administration were not retained.
  • My_ManMy_Man Member PExer
    Ito nabasa ko sa website ng BF http://www.bancofilipino.com/news.html. Nagresearch din ako at totoo naman yung nakasulat doon.

    Lumalabas na ayaw lang talaga magbayad ng BSP kaya gusto nila masira ang BF.

    Ang problema ng BF is may mga clients na gusto nang kunin ang pera nila dahil sa isyu na ito pero di mailabas ng BF becasue BSP does not honor BF checks anymore since Monday. Talk about dropping the bomb. Kaya hindi pumasok ang employees ng BF yesterday for their security and para maiwasan ang heavy withdrawals as a result of the declined checks. Kung nagkaroon ng heavy withdrawals it will give the BSP enough reason to finally nail the coffin of BF.

    Tapos sasabihin ng BSP wala raw silang kinalaman kung bakit nagkakaroon ng panic e sila yung pumipigil sa BF na ilabas yung pera ng depositors.
  • VOSVOS VOSSing Mo PExer
    kapal muks ng bsp.
  • aaroncmaaroncm 6-3-1 PEx Veteran ⭐⭐
    ErasmusD wrote: »
    i don't know but i think there's something really, really wrong with the way BSP is handling this. :rolleyes: if what you're saying is true, and you appear to have the facts with you, BSP, being a government agency, should set the example and obey the court decisions. if BSP is, as you claim, spearheading the smear campaign against Bance Filipino, its vindictive and terribly irresponsible on the part of BSP because ordinary small depositors will be the victims.

    i'm also wondering why gloria's BSP Governor Armando Tetangco was reappointed by noy. i am a noynoy supporter and it would be better if leftovers from the gloria administration were not retained.

    Cesar Purisima, a Gloria appointee before he join the so-called HYATT 10 was one of the backer of Gov Tetangco to BSP.

    Now, Purisima is a cabinet member of Aquino administration who is actively lobbying for an extension of term for Tetangco *okay*

    If Tetangco will not be reappointed then Gigi Montinola of BPI will be the next BSP govt.

    But the problem with Noynoy is that he listen to much to his chief troubleshooter Mar Roxas, who is the head of the BALAY group.

    Purisima is part of the BALAY group. ergo Tetangco will be reappointed. hehe
  • Phil E. BusterPhil E. Buster Member PEx Influencer ⭐⭐⭐
    BSP is scared that some rotten dirty linens which they are hiding will be exposed! If they give the $25B loan it may turn out that BSP cannot cover that loan and BSP will be the one that will be exposed to have no liquidity or that BSP have been misappropriating OFWs money to politicians.

    This time, BSP will no longer be able to harrass private and independet banls! They will be under the spotlight and scrutiny.
    Expect other banks to file a complain about mismanagement andanomalous things happening at the BSP!

    And why is PNoy silent about all these? what do the senators have to say? Are they all buddy-buddies with the BSP officials?:bop:
  • adidasfanaticadidasfanatic 'impossible is nothing' PExer
    kapal talaga ng BSP considering their pontification spouted by their examiners pag nag audit sila... and considering all the perks that their employees get from the taxes that we pay!!!!
  • jester5jester5 Member PExer
    This is from the March 16, 2011 Inquirer story on Banco Filipino:

    "Banco Filipino blames BSP

    xxx

    But the Aguirre-led bank also blamed the BSP for contributing to its woes, citing the non-implementation of a rebuilding plan that would require P25 billion in liquidity infusion by the banking regulator.

    xxxxxx

    Yasay, a former chair of the Securities and Exchange Commission, said an infusion was part of the BSP obligation to the bank.

    Banco Filipino was shut down by the old central bank (the BSP’s predecessor) during the Marcos regime in the 1980s but was reopened in 1994 after the Supreme Court ruled that its closure was arbitrary.

    Emergency assistance

    “The bank is exhausting all efforts to protect its depositors by asking the BSP to stave off the heavy withdrawals by denying derogatory articles attributed to them and by providing emergency loan assistance after we had submitted official collateral,” Yasay said.

    But he said that despite the urgency of all these requests, Banco Filipino had not received any official word from the BSP or the Monetary Board on the action they have taken.


    P25-billion plan

    Yasay is openly opposing the reappointment of Bangko Sentral Governor Armando Tetangco.

    Yasay reiterated the need to immediately implement the approved P25-billion business plan as ordered by the Makati Regional Trial Court.

    He said the court had also prohibited the BSP and the Monetary Board, its officials and agents, from committing any act prejudicial to the operation of the bank.


    “We would like to assure all our depositors and the general public that as soon as we receive official notice of the action taken by the BSP and the Monetary Board then we shall advise them accordingly,” Yasay said.

    Philippine Deposit Insurance Co. president Jose Nograles, said the PDIC, the agency mandated by law to oversee padlocked banks, had not received any order from the BSP to take over the bank.

    Big overdraft

    Yasay acknowledged that Banco Filipino had incurred a “very big” overdraft, which he attributed to the malicious campaign against the bank.

    He noted that several tabloids and television stations were reporting that Banco Filipino was problematic and mismanaged.


    “This smear campaign has no basis. It’s designed to destroy us once and for all because we still have claims that we’re pursuing (with the BSP),” he said.

    “Our closure was illegal and the Supreme Court said [the Bangko Sentral is] liable to pay us. It’s now just a matter of us providing those damage claims. Now, we’re facing another threat due to lack of justice. That’s what we want the public to know: We are the good guys here.”

    BSP-managed

    Yasay said that since 1994, Banco Filipino had been under the strict supervision of a BSP-designated comptroller. No cash disbursement could be made without the nod of the comptroller, he said. “So, how can they say we’re mismanaged when we are practically being managed by a BSP comptroller?”

    As early as November 2009, Yasay claimed the Monetary Board had approved the P25-billion financial assistance loan for Banco Filipino. But he noted that the BSP was insisting that it would provide the package only if Banco Filipino would drop all damage claims filed by the bank.

    “We can’t do that. The BSP is not exercising its regulatory authority and instead is blackmailing us,” he said.

    If Banco Filipino were to waive its damage claims, Yasay said the bank would be defenseless against any fault-finding by the BSP.


    Solvent

    Yasay said Banco Filipino remained solvent, claiming it had net capital assets of P25 billion which he said was very large for a thrift bank.

    There is no way of confirming Banco Filipino’s financial condition as it has not submitted reports to corporate regulators. It was among the companies delisted by the PSE in its order effective March 10. There are no recent records of filings of financial statements with the PSE. With a report from Daxim L. Lucas


    http://newsinfo.inquirer.net/inquirerheadlines/nation/view/20110316-325701/Banco-Filipino-blames-BSP
  • vonrichtoffenvonrichtoffen The Baron PExer
    aaroncm wrote: »
    Cesar Purisima, a Gloria appointee before he join the so-called HYATT 10 was one of the backer of Gov Tetangco to BSP.

    Now, Purisima is a cabinet member of Aquino administration who is actively lobbying for an extension of term for Tetangco *okay*

    If Tetangco will not be reappointed then Gigi Montinola of BPI will be the next BSP govt.

    But the problem with Noynoy is that he listen to much to his chief troubleshooter Mar Roxas, who is the head of the BALAY group.

    Purisima is part of the BALAY group. ergo Tetangco will be reappointed. hehe

    very obvious ang actions ng bsp na hindi sumusunod sa batas at sa rulings ng mga korte sa case ng banco filipino. kawawa ang mga depositors kasi ang bsp na dapat i protect sila at mga banko ang siyang hindi sumusunod sa rulings ng mga korte. sana si gigi montinola of bpi na lang ang na appoint na bsp governor. montinola's wife is a lawyer who was accepted in both harvard law school and up college of law (she chose to go to up). under montinola, bsp would be more likely to follow the court decisions.
  • My_ManMy_Man Member PExer
    I can't understand why our government can't see that BSP is at fault here? May court order na na bayaran ang BF ng 18Billion. May court order na rin na dapat bigyan ng assistance ang BF ng worth 25Billion. Kasali na doon na bawal gigipitin ang BF para i-drop nito ang mga kasong isinampa nito against BSP.

    Bakit hindi pilitin ng mga senador na bayaran muna ng BSP ang BF para makaahon ito sa kinalalagyan nito ngayon?
  • rubberr_duckyrubberr_ducky 一匹オオカミ PEx Influencer ⭐⭐⭐
    Kaya pala hot topic ang BF sa branch nina wifey lately. Kasi may mga cheque sila na issued ng BF at nagsasagutan ang mgmt kung kukunin or hindi...

    Bakit naman ganyan ang asal ng BSP sa BF. Maski mali na ang BSP ay hindi pa ren susuko ang nagmamatigas. Naku! Sayang lang ang buwis natin na pinambabayad sa mga nagpapatakbo ng BSP. Sana may maparusahan dito para maging aral sa mga kasalukuyang nasa BSP at kung sino naghahangad sa grupo ni PNoy.
  • yehehayyehehay Member PExer
    BSP orders Banco Filipino closed, placed under PDIC receivership
    03/17/2011 | 08:19 PM
    GMANewsTV


    The Bangko Sentral ng Pilipinas (BSP) on Thursday ordered the closure of Banco Filipino Savings and Mortgage Bank and placed it under the receivership of state-run Philippine Deposit Insurance Corp. (PDIC), saying its liabilities topped its assets by P8.4 billion.

    In a press conference late Thursday, BSP Deputy Gov. Nestor Espenilla Jr. said the central bank's seven-man Monetary Board decided to place Banco Filipino under the receivership of PDIC since it was no longer paying its liabilities in the ordinary course of business.

    "Banco Filipino cannot continue in business without involving probable losses to its depositors and creditors," Espenilla told reporters at the central bank.

    The policy setting Monetary Board also took note that Banco Filipino’s management and board of directors failed to restore its financial health and viability after having been given more than ample time to address its problems.

    Banco Filipino has insufficient realizable assets to meet its liabilities since its net realizable value reached P8.4 billion, or its liabilities overwhelming its assets, Espenilla said.


    Filing of appropriate cases

    Espenilla said the Monetary Board authorized the filing of appropriate cases against the directors, officers, and other individuals who may be found in violation of banking laws and BSP rules and regulations.

    In 2002, the BSP extended P3.5 billion in emergency loan to Banco Filipino, of which P2.6 billion remains unpaid.

    Espenilla said the Monetary Board on Monday rejected renewed pleas of Banco Filipino to extend another P3 billion in emergency loan to cover its huge "overdraft" amounting to more than P900 million. [See: Banco Filipino declares holiday, BSP says explain]

    "[The Monetary Board] has therefore decided to prohibit Banco Filipino from doing business in the Philippines and to place its assets and affairs under receivership," he said.

    Deposit insurance claims

    On Thursday afternoon, the PDIC took over the head office of Banco Filipino in Makati City, securing documents in the bank’s premises and preventing the further dissipation of the its assets.

    "The BSP is coordinating closely with [the] PDIC so that deposit insurance can be paid out as soon as possible," Espenilla said.

    "In this connection, the condition, coverage, and quality of the records and documents of Banco Filipino will be material in ensuring immediate service to depositors," Espenilla added.

    The BSP said depositors with a balance of P5,000 and below — about 53 percent of the total depositors — need not file their deposit insurance claims.

    The PDIC will immediately process and mail payments within the week.

    Those with balances of over P5,000 would still have to be validated and need to file for their claims, the central bank said.
  • ErasmusDErasmusD Member PExer
    ^ i was disturbed by news stories that bsp even refused to honor managers checks issued by bf even before the closure. managers checks under the law are as good as cash/legal tender so bsp's position does not make sense.

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