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
Source: The Daily Tribune
URL: http://www.tribune.net.ph/index.php/commentary/item/684-547000-victims
0 comments
Post a Comment