Prosecute those behind LBC Bank closure

LBC Bank, a bank owned by the Aranetas, is the third bank to have closed during the administration of President Aquino. The Bangko Sentral says they decided to close the bank since its obligations have exceeded its assets. Despite efforts to save the bank from insolvency, the Central Bank (CB) says the bank continued hemorrhaging. There's no other recourse but to close it.


The Philippine Deposit Insurance Corporation (PDIC) meanwhile, assured the 500,000 depositors of the bank that there is sufficient funds to cover their deposits. PDIC claims that it would use its 61 billion peso fund to cover their deposits.

Data from the Bangko Sentral ng Pilipinas showed that as of June 30, 2011, LBC Bank had estimated total deposit liabilities of P6.09 billion, comprising one tenth of one percent of the total deposits of the Philippine banking system.

Insured deposits amounted to P3.73 billion.

Total number of accounts reached 321,516, of which 99.4 percent were fully covered by deposit insurance.

Juan Gregorio Araneta reportedly owns LBC bank, including Manuel Allende. The question that remains--will the Bangko Sentral investigate these bank executives? 


Obviously, there will be no such probe and no liabilities. This is the problem.


Government should look deeper and investigate reasons behind the bank's closure. Who is the one responsible for the bank's humongous responsibilities? The Bangko Sentral and LBC bank owe the public an explanation. 


Who has a big loan obligation with the bank? How many secured loans prior to its receivership? It is time to really investigate the actions of bank executives behind ailing banks so that this will not happen again. 

Mar Roxas should investigate PDIC on 14 billion peso fund re Legacy

Paging would-be vice president Mar Roxas! Legacy is reaping the rewards of ass-licking the powers-that-be in both the palace and the halls of the House of Tong-grease-men, err, Congress.

Philippine Deposit Insurance Corporation has been releasing billions of pesos worth of the people's monies (now amounting to more or less 14 billion pesos) to Legacy plan holders and savings account holders allegedly victimized by Legacy owner Celso delos Angeles without proper accounting.

PDIC has refused to release the list of those given the sums of money.

Mr. Senator Roxas, you who spearheaded the quest to throw Celso and his cohorts behind bars, should finish what you started. Call for an inquiry into the PDIC action. This is totally unfair to us, taxpayers and depositors. And if you find something anomalous, charge them and immediately send these people to the gallows, err, jail!

By the way, why is Celso still in the hospital and all of his other cohorts still roaming the Philippines free as a bird? These people who created this billion peso mess should be thrown in jail!

We have been had for the nth time by Celso and his gang members, lulling us to complacency, asking us to give Celso some compassion for being "sick", while maneuvering to steal from us billions of pesos more!

This is tooo much!

Permanent Plans Incorporated in deep trouble

A distressed pre-need company is giving health products, slimming teas and coffee to thousands of its planholders. Permanent Plans Incorporated, owned by Juan Miguel Mardrigal Marquez is giving food stuffs and health products to its planholders after it encountered serious financial problems. Planholders are now up in arms. They want their money back and they are thirsty for justice.

Last April 27, its Baguio-based thrift bank was ordered closed by the Central Bank after failing to resolve deep and long-standing financial obligations coupled with ownership dispute problems. Depositors of Accord Savings Bank were left in the lurch. Yet, the PDIC assured depositors that they will do everything possible to ameliorate the plight of bank depositors.

Right now, planholders of Permanent Plans Incorporated have taken the company to task for diluting their trust fund. Permaplans owner Marquez admitted that the trust fund does not have sufficient funds and they are hard-pressed to comply with financial commitments with its planholders.

Permaplans offer non-life and life insurance to thousands of Filipinos based in Central and Northern Luzon. Most of its planholders are market sellers, small entrepreneurs, soldiers, policemen, priests and vendors.

Planholders who sent numerous emails to NPR said they want their monies back. One planholder who is entitled to a 5million peso insurance money said Permaplans is just giving her a burial lot in Payatas and some health supplements. She wants her investment back.

Permaplans planholders are up in arms against the company owner. They will reportedly stage a revolt in Luzon because of how the company reportedly gypped them into investing into the company only to find out that the trust fund had been diluted.