Wednesday, April 13, 2011

Banco Filipino depositor allegedly commits suicide

Why it always happened that bank customers are being caught unaware of what’s happening on their depository banks? In the case of Banco Filipino, what precautionary measures undertaken by BSP to prevent such closure for the second time? How do they monitor all these banks who are handling people’s money especially its financial status?

Earlier reports said that Carmino Mangubat Jr. allegedly committed suicide. He had around 200,000 pesos cash deposit with Banco Filipino and blaming the recent closure of the bank according to his supposed suicide note.

How many Mangubat need to kill himself for being so helpless? How many ordinary people who tried to save money for a better life ended up killing themselves? How many soulless banks can do such a thing? What the BSP can do to prevent such happening?

Yes, PDIC will answer those depositors up to the limit of 500,000 pesos per account. But is that so? PDIC’s money is Filipino people’s money. After years of receiving people’s deposits, making wrong decisions and enriching themselves with high salaries of bank executives, the poor depositors need to wait to bring back their money the long and hard way. That’s not fair!!!

There must be no bank secrecy law that will hinder BSP in monitoring religiously and fairly all banks’ performances periodically. I think that’s one good way to protect depositors’ investments.

Banco Filipino depositor found dead; suicide suspected


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