Banco Filipino is getting down!

I am so fortunate that I don't have any savings there. Right now, there are only 3 banks that I trust and rely on. BPI, BDO, and MetroBank.

When I read your discussion, I made a call to someone I know from the BSP. It appears that BF has not been submitting reports required by the BSP fro quite a while and it has not even filed anything regarding the alleged bank holiday. I also know people who have accounts with the bank. Unfortunately, until BF falls under receivership, depositors won't be able to begin processing their claims with the PDIC. This really should not have happened, first legacy now BF... I hope the buck stops here.

First of all, dun panic. Banks won't close down for nothing unless there are rumours being spread about it. That's when people panic and starts withdrawing funds in mass. With that, bank has to give what people wanted. BUt at the same time, banks are actually using our money for investments, in somewhere we dunno. SO when such a situation happens, bank won't have that much of money for all the people, and thus causing more panic, making people think that the bank is getting down. IF u want to be sure, get your facts right before doing anything

they have been closed before and it is repeating again this time...i think they have problems in their management in their assets...sorry for their depositors because i think they only have a million for insurance of their deposits...sorry for those who have more than a million in deposits...

Banco Filipino is really closed. What I heard was Central Bank would only pay right away those deposited below Php5000. Above that amount would take several months yet before their money could be released. Pity to those people who deposited more than Php5,ooo it takes longer before they can get their money back..what if they don't have anymore money to spend for their daily needs and to their business..? Mobhomeir here...

I should be reading more news from our country..never heard of this news not until I have read you post. I am really glad to be a member here for I really learn and get to read news and more happenings. Anyway, I am not a depositor of Banco Filipino so I don't have to worry about it. But if I were a depositor, I will really be withdrawing my account from the said bank and transfer it to another bank that I can be sure has a great foundation.

Hiya syoti, Have not heard about this only other Banks that are now being put together over here. But they sound much the same as any other to me. Really hope that they don´t go bankrupt which is not very nice for all the People that have all their savings in there. All Banks should be made and held responsible for the Money deposited there that´s how I feel. I have seen more than one Bank in this Country go down and People have lost all their Cash years later no one has done nothing about it.

The depositors should withdraw their money if the bank is bandrupt, but if it is overtaken by another bank their money willbe save and the new owner of the bank will do business with them. There is no need to panic if is a takeover. On the same token if it is a business bankruptacy or bussiness mismanagement, you should be panicking, because your money will be lost.

I used to have account with Banco Filipino but thanks goodness, since BDO open a bramnch near here in our place, I transfer my account with them. I remember that this is not the first time it happen to Banco Filipino. They have closed for sometime and just reopen. I wonder what's happening to the management!

It is their second time actually to close shop and it happened when I was still young. My mom was able to withdraw her money months after. Ironically, I haven't learned my lesson. My children's savings are with Banco Filipino and just yesterday, I heard over the news about Banco Filipino's predicament. Am planning to withdraw their money and transferred to a safer bank but then it couldn't be possible since the bank has been closed for 3 days now. I wonder when they will open shop again. Nevertheless, I don't feel any fear since I have since how they rebuilt their reputation years ago. Just like you, I'm getting curious as to what is happening within their organization and I wonder why they are suing Banco central for damages. Hopefully, Banco Filipino can revive the soonest.

This is the second time that Banco Filipino went on bank run. Many , many years ago, it was closed for quite sometime because it was said to be mismanaged. But then after a few years it was reopened and was said to be under new management. Now again, it's repeating history. I just hope the depositors could get their money back , which they will surely be if it's within the PDIC limit of insurance. I guess this time it's for 500,ooo.oo? So if your money is less or equivalent to 500,000.00 then it will be returned to you by PDIC.

This is not good. To those who need to withdraw their money! It really isnt a good move to suddenly stop something that everyone needs in this troubled times...money. Just saw this in GMA not long ago and let me tell you... rather than letting the entire bank close suddenly, at least do it in a slow step by step manner so that the people will know whats coming up and be prepared for it. hayayyay!!!!

I have not been so aware of financial institutions going down nowadays. If the cause is something directly attributable to BSP then they should have worked their way for their claims before a bank run happens. There are many possibilities why this had come to happen let's just hope it's not because of some other people's greed and craving for money and power.

Banco Filipino had long been in a bankrupcy state. Last sept 2009, i tried to update my account at the same time deposit a few thousand pesos. The teller told me that they couldn't do anything since the computers were offline (not connected to the internet). It was the second time that the bank had a long periods of offline. The teller suggested to leave my money. I tried to ask the teller as well as the manager on why they had offline for two days. Nobody cared to answer, the guard told me that offline was caused by strong winds. I don't get the point on why strong winds would lead to internet connection problem. the typhoon is in manila/luzon area, the branch that i visited was in cebu. I couldn't relate to what was said and so i reacted. the bank tellers were laughing. Since then on, i tried to withdraw all that i kept in that bank. maybe i was wrong but i felt that the bank can only accept deposit and no withdrawals, a sign of bankrupcy.

Yeah I heard from the news that they got Bank holiday because there is not much money in them. I hope that this will be resolved since Banco Filipino is claiming they were being pressured by Central Bank on something. It is important that they won a case against Central Bank and they are claiming some damages from them so in return CB is doing its best to defend themselves as well by making stories to pull the bank down. Or it may just be true that BF cannot really manage its own money anymore for the second time.