The principal bank is implausible to affirm the proposed advance of the Philippine Deposit Insurance Corp. (PDIC) that would supply the insured leave claims of the closed rural banks of the Legacy assemblage of companies. The Monetary Board, the principle making of the Bangko Sentral ng Pilipinas (BSP), has been reviewing PDIC’s proposed P14-billion accommodation for the late two weeks. "Why would we pay for these bucolic banks that we already closed and PDIC has Deposit Insurance Fund [DIF]," a Monetary Board documentation said.
The Deposit Insurance Fund is the start of funds to payout precipitate guaranty claims. PDIC’s mine grew by 11.4 percent to P60.48 billion in 2008 from P54.3 billion in 2007.
The finance has too grown at an norm judge of 9.4 percent over the after five years. "They should operate the hint," the Monetary Board licensed said, when asked why the dominant bank has not yet approved PDIC’s proposed loan. The Legacy banks have become controversial, because Celso de los Angeles, one of the paramount shareholders and the compulsory mayor of Santo Domingo, Albay. He owns Legacy Consolidated Inc., a pre-need companionship that recently filed for destruction and is under sifting by senators and members of the House of Representatives.
De los Angeles also faces syndicated-estafa cases rank before the Department of Justice against owners of the Legacy group. (See affiliate front-page story.) Delay untypical The two weeks that have lapsed are considered unusually long, given that in the past, the leading bank normally decides on a allowance before put claims are paid out. The PDIC has already started servicing the sediment claims of the closed 12 sylvan banks of the Legacy agglomeration on Friday.
The unmitigated insured alluvium claims of the agricultural banks total to P14 billion. Jose Nograles, PDIC president, earlier said they are processing word go the claims of insufficient depositors with typical savings accounts of P100,000 and below in the 12 pastoral banks of the Legacy group. The Monetary Board has placed 13 exurban banks under PDIC receivership since December at the rear year because of demanding liquidity problems and stated unsafe and insane banking practices.
Those banks are the Rural Bank of Parañaque, Pilipino Rural Bank, Rural Bank of Bais (Negros Oriental), Rural Bank of San Jose (Batangas), Bank of East Asia, First Interstate Bank, Philippine Countryside Rural Bank, Dynamic Rural Bank, Nation Bank, Rural Bank of Carmen (Cebu), Rural Bank of DARBCI, Bicol Development Bank and San Pablo City Development Bank. The primary bank started servicing the silt claims in Rural Bank of Parañaque aftermost month. The agrarian bank depositors with accounts merit P100,000 and less put around 62 percent of the add up to down payment accounts of more than 130,000 depositors. Meanwhile, the PDIC is pushing to growth the greatest drop bond coverage to P500,000 from the aware P250,000. But doing so requires congressional approval, and lawmakers have yet to snatch up that matter.
Of the amount proposed boost in assurance coverage, Nograles said in earlier reports that the PDIC would shove P250,000 and the uneaten half would come from the native government. At the same time, the PDIC proposed the invariable aright of the set security coverage and demand impunity for the assessment of banks’ gain tax.
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