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
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