Rural banking system in disarray ZOOMING IN Rudy Romero 02/01/2010

Rural banking system in disarray ZOOMING IN Rudy Romero 02/01/2010 It should be the declared policy of Congress to promote and expand the rural economy in an orderly and effective manner by providing the people of the rural communities with the means of facilitating and improving their productive activities and to encourage cooperatives, (and) toward this end the government shall encourage and assist in the establishment of a system of rural banks which will place within easy reach and access of the people credit facilities on reasonable terms.” With these ringing words Congress created, through Republic Act 720, a system of banking institutions intended to provide credit facilities for the approximately 1,300 non-urban population centers of this country. The year was 1952. Today, almost 58 years later, the declared policy of Congress is under severe attack and the system created by the Rural banks Act is in disarray. Hardly a month passes without newspaper advertisements announcing the placement of several rural banks in liquidation. That which ails the rural banks’ system is indicated by the fact that the failed banks are to be found in nearly every part of this country..... MORE Source:  The Daily Tribune ALTERNATE URL: http://www.classicposters.com/commentary20100201com3.html

COMMENTARY EDITORIAL Another near miss FRONTLINE It’s all political ZOOMING IN Rural banking system in disarray DIE HARD III MRT fares: Erap’s stroke of genius FEATURE Calling E.T. may not be a smart move, say some HE SAYS Last two minutes SHE SAYS Nothing new