Legacy Group Banks May Be Doomed

[BobNChe]

I feel bad for the people who invested a lot of money and losing it all. I invested only a small amount with Legacy's.I was going to have a big party with lechon, beer, balut,Rhum .....etc.....for you guys, but I am not going to now.

Shhhh! We'll just have a small party! LOLOLBTW - if you were not invested in the non rural bank schemes like PNBB, there is still a chance you will get some or all of your funds back. I know someone closely monitoring this situation and all is not lost as of yet.

[Mr Lee]

I feel bad for the people who invested a lot of money and losing it all. I invested only a small amount with Legacy's.I was going to have a big party with lechon, beer, balut,Rhum .....etc.....for you guys, but I am not going to now.

Chi that is not fair, I will bring the beer and lets see who we can sucker to bring the rest. I do feel bad for you my friend. Sorry it happen to you.

[johnrxx99]

One thing can be guaranted is that Mr Celso de los Angeles, Jr got his money out. Wonder if he's in Los Angeles? Sorry to hear that Che and hope it's not too painful.While there is always hope with these things, as it was a fraud and ponzi scheme, the best thing to do imo is to assume it's a write off then if anything does come back it's a bonus. Whilst I grieve for the expats involved my heart really goes out to the Filipinos who have been ripped off. If Junior is still around he may not last too long.

[Mr Lee]

http://newsinfo.inquirer.net/inquirerheadl...anks-bankruptcySenate to probe Legacy banks

[Mr Lee]

http://newsinfo.inquirer.net/inquirerheadl...-running-a-scamLegacy owner accused of running a

[Mr Lee]

http://newsinfo.inquirer.net/inquirerheadl...eks-dissolutionLegacy pre-need firm seeks dissolution By Elizabeth Sanchez-LacsonPhilippine Daily InquirerFirst Posted 02:39:00 12/20/2008MANILA, Philippines

[johnrxx99]

I wonder if they will also investigate the earlier court decision to allow them to continue to opperate. That gave them enough time to grab and run. I hope the judge doesn't only deals in cash.

Edited December 20, 2008 by johnrxx99

[Mr Lee]

http://www.sunstar.com.ph/network/local-ru...iles-bankruptcyLocal rural bank files bankruptcySunday, December 21, 2008 CITY OF SAN FERNANDO -- A rural bank in Pampanga was confirmed Saturday to have filed bankruptcy and receivership notices with the Bangko Sentral ng Pilipinas (BSP) and the Philippine Deposit Insurance Corporation (PDIC).The Rural Bank of Sta. Rita is the 11th bank in the country to file bankruptcy and receivership after the Monetary Board placed under distress call seven other rural banks that declared a "holiday" pending examination and investigation. It is also the first bank in Pampanga province to do such move.On Friday, amid reports that Rural Bank of Sta. Rita was in the same predicament as its distressed colleagues, an official of the Pampanga Federation of Rural Banks (PFRB) who requested anonymity told Sun.Star that the local bank had indeed filed for bankruptcy.Attempts by Sun.Star to get comments from its officials and directors proved futile as the bank's branch in this city was closed and the phones in its main office here and in San Vicente, Sta. Rita were left unanswered.The PFRB said it was a "normal practice" to do to avert bank runs and triggering the public to a panic mode.Mostly family-owned, rural banks in the province of Pampanga have been reported in a healthy state before this incident. The RBAP, in fact, cited in its mid-year report that based on BSP records as of June 2008, the rural banking sector leads the Philippine banking industry in terms of financial results. In an interview, RBAP president Tomas Gomez said the rural banking sector remains well capitalized and highly liquid.But Friday afternoon, clients of the distressed rural bank reached by Sun.Star said: "They are in doubt about its true financial state and would really want to know what happened with their money and the rural bank."Earlier, the BSP placed under PDIC receivership the Rural Bank of Paranaque; Rural Bank of Bais in Negros Oriental; Pilipino Rural Bank, Bank of East Asia and Philippine Countryside Rural Bank, all based in Cebu; Rural Bank of San Jose, Batangas; Dynamic Bank (Rural Bank of Calatagan) in Batangas province; San Pablo City Development Bank in Laguna; Nation Bank in Bacolod City, Negros Occidental; and the First Interstate Bank of Tacloban, Leyte.The distressed banks declared the bank holiday less than a week before the Senate, which is conducting its own inquiry on the state of the banks, approved on Wednesday Senate Bill (SB) 2678, increasing the maximum deposit insurance coverage from P250,000 to P500,000.Seven of these banks appear on the list of Senator Miriam Santiago, who initiated a Senate inquiry on the state of banks in the country, and are among the nine believed affiliated with the controversial Legacy group, which the BSP closed down and placed under receivership early this week.The BSP said it had uncovered certain irregularities, including making loans without collateral and documentation, as well as using bank funds to pay for affiliated companies' obligations in some of these banks. (JTD/Sun.Star Pampanga/Sunnex)

[Mr Lee]

Hey folks ...... remember all the banks will be closed from the 24th of Dec. to the 2nd of Jan. ............. 8 days ..... get plenty of money to tie you over as the ATM's will be down after a few days .......

I just wanted to bring this post up again because it will be very important to those who live in the Philippines or are going to visit during the holidays.Get enough money to last you for the holidays and in case of an emergency. Thank Mike for thinking ahead! :(

[Markham]

Hey folks ...... remember all the banks will be closed from the 24th of Dec. to the 2nd of Jan. ............. 8 days ..... get plenty of money to tie you over as the ATM's will be down after a few days .......

I just wanted to bring this post up again because it will be very important to those who live in the Philippines or are going to visit during the holidays.Get enough money to last you for the holidays and in case of an emergency. Thank Mike for thinking ahead! :thumbsup:

I don't believe that is at all true. BDO's branch in SM's Northwing is open every day, except for Christmas Day and I'm sure BDO's other branches as well as banks such as BPI and Metrobank will also be open. Mark