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547,000 victims

Monday, June 25, 2012

547,000 victims

To learned obser-vers, it is not so much the news that the Bangko Sentral ng Pilipinas (BSP) has shifted $1 biliion of its $77 billion reserves from bonds or other financial instruments lodged with its accredited fund managers to an interest bearing account called the “firewall fund” administered by the International Monetary Fund (IMF) that is the problem. That shift, not a lending, is not really as gross and threatening as some sectors would like the public to believe. It is in fact a prudent and, yes, a beneficial move as part of our commitment to the stability of global financial markets. Rather, it is the report that the BSP has presided over the collapse of 41 banks in the last 18 months alone putting the monies of 547,000 depositors in extreme jeopardy, which has raised alarm bells in these parts.

Coming as it did with the 49th anniversary of the Philippine Deposit Insurance Corp. (PDIC) and the celebration of “Depositor Protection Week,” this piece of bad news has really sent shudders down the spine of millions of depositors whose hard-earned monies may just be lost in a jiffy resulting from what some observers have described as a disturbing trend of laxity in the BSP’s examination and supervisory functions as well as the inchoate if not conflicting rules and issuances made by it and its twin banking regulatory agency, the PDIC.

The unprecedented bank closures of more than two banks per month has prompted LPGMA party-list Rep. Arnel Ty to push a congressional inquiry on the reasons behind these closures and their impact on the communities and sectors they serve and the economy as a whole..... MORE

SourceThe Daily Tribune

URL: http://www.tribune.net.ph/index.php/commentary/item/684-547000-victims


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