Friday, December 10, 2010

Breaking Bad News: First Country Bank Now Under PDIC Control

I just received this heads up from our good friend who, himself, is a depositor of First Country Bank.

I am a regular poster here. the FCB has been taken over by PDIC just this morning, so i am ready to wait for my claims

This is terrible, terrible news, mostly for investors whose trust in Philippine institutions is shaky enough as it is, and innocent Filipinos who would have to ultimately shoulder the costs of this "perfect crime". Depositors actually do not really bear full risk since deposits are insured by the PDIC; they'll lose sleep some nights, for sure, and most probably be hassled by delayed claims, but in the end they'll get back their deposit, with interest, and be okay.

If you or someone you know is a depositor of the bank, be sure to file your claims as soon as you can. I'll make updates as soon as I get them. Also, please do post comments whenever you hear something new.

I hope the higher ups, people we recently voted for, do something about this madness soon. And may the owners and managers of First Country Bank and everyone else who is involved in this bullshit (I'm thinking this would not have gone on this long without the participation of crooks from the BSP and the PDIC and some other government units) rot in hell.
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