Reopen Banco Filipino, depositors cry


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Latest News Philippines: Reopen Banco Filipino, depositors cry – Journal.com.ph:

INVESTORS of troubled Banco Filipino Savings (BFS) and Mortgage Bank yesterday swooped down at the Court of Appeals and pressed for the bank’s reopening.

Some 101 holders of uninsured deposits asked the CA’s permission to intervene in the petition filed by shareholders of the bank who questioned Resolution No. 372-A issued by the Bangko Sentral ng Pilipinas (BSP) ordering the closure of BFS and placing it under the Philippine Deposit Insurance Corp.’s receivership (PDIC).

The depositors asked the CA to consider their interest by ordering the reopening of the Aguirre-owner bank. They disclosed that the bank was still solvent and should have not been closed.

“The proof of solvency lies in the wrong computation of the assets,” they said.     This was the first time the bank’s depositors participated in the legal battle between Banco Filipino and BSP.  Hector Lawas

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