Quantcast
Latest Stories

Depositors want say in Banco Filipino case

By

MANILA, Philippines—A group of Banco Filipino (BF) depositors and bank employees has asked the Court of Appeals to allow them to intervene in the case against the bank, particularly in the liquidation of the shuttered bank’s assets.

The group of 101 depositors and employees filed on Monday a motion to intervene in the case now pending in the CA’s Seventh Division, according to lawyer Patricia Lee Alexandra Bautista.

“We hope the court will give them the chance to participate in the court case,” Bautista told reporters shortly after filing the motion on behalf of depositors and bank employees who had over P500,000 in deposits with the bank.

Bautista said the depositors and employees also asked the CA to order the reopening of the bank. They also asked the court to compute the bank’s assets through its fair market value and not its book value as the Bangko Sentral ng Pilipinas (BSP) had been insisting.

The BSP placed Banco Filipino under receivership on March 17, 2011, three days after the bank declared a bank holiday.

The BSP said the bank had to be closed because it was insolvent. The liabilities of Banco Filipino had exceeded its assets by P8.4 billion, the central bank said.

According to Bautista, the petitioners included not only individual depositors but 750 members of the bank’s two labor unions and four schools—the General Santos Foundation Inc. College, two Lasallites School in Isabela and the St. Martin Foundation.

The depositors come from across the country, particularly Cebu, General Santos City, Cagayan de Oro City and Laoag.

Grace Carrera of the Quezon City-based St. Martin Foundation said the foundation had to let go of 500 scholars because their money was tied up in the bank.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Banco Filipino , Banking , banks , Business , Court of Appeals , depositors



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Two Popes who would be saints
  • Anti-gay demo in Ethiopia cancelled
  • Obama launches measures to support solar energy in US
  • Nebraska toddler gets stuck inside claw machine
  • Philippine eagle rescued by Army turned over to DENR
  • Sports

  • Duke freshman declares for NBA draft
  • Vietnam says it will not host Asian Games
  • Nadal passes clay landmark with 300th victory
  • Wawrinka waltzes through with Monte Carlo walkover
  • Power Pinays smash India in Asian Women’s Club volleyball opener
  • Lifestyle

  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Clams and garlic, softshell crab risotto–not your usual seafood fare for Holy Week
  • Entertainment

  • Cannes film festival launches race for 2014 Palme d’Or
  • Jones, Godard, Cronenberg in competition at Cannes
  • Will Arnett files for divorce from Amy Poehler
  • American rapper cuts own penis, jumps off building
  • Jay Z to bring Made in America music fest to LA
  • Business

  • Total says makes ‘very promising’ oil find off Ivory Coast
  • ‘Chinese Twitter’ firm Weibo to go public in US
  • World stocks subdued, Nikkei flat on profit taking
  • Asia stocks fail to match Wall Street gains
  • Fired Yahoo exec gets $58M for 15 months of work
  • Technology

  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Filipinos #PrayForSouthKorea
  • Taylor Swift tries video blogging, crashes into fan’s bridal shower
  • DOF: Tagaytay, QC best at handling funds
  • Smart phone apps and sites perfect for the Holy Week
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Last call for nominations to ’14 Presidential Awards
  • San Francisco business coalition slams proposed tax on sugary drinks
  • A ‘time-travel’ production of ‘Les Miserable’ at Stanford
  • Filipina Maryknoll sister honored for years of service
  • Malaysia quarantines 64 villagers over MERS virus
  • Marketplace