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Tuesday, December 23, 2008
Depositors seek explanation on bank holiday
PAMPANGA -- Irate depositors trooped to the main office of the Sta. Rita Rural Bank (SRRB) Monday to "demand an explanation" from a three-decades-old rural bank, which has gone on a bank holiday.
A bank holiday is when a bank "temporarily" closes shop if it cannot meet withdrawals for the day. The bank may declare a bank holiday on its own and then subject itself to investigation by the Central Bank. Most reasons would be financial and pending loan obligations from borrowers.
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Some 150 depositors and their families swarmed the front doors of SRRB's main branch in Barangay San Vicente in Sta. Rita, hoping they could get at least some clarification on the bank's financial standing.
However, its doors have been tightly shut since Friday last week.
It was reported the bank had allegedly filed for a bankruptcy notice although the Bangko Sentral ng Pilipinas (BSP) has yet to confirm that the bank has indeed gone bankrupt.
In a text message sent to Sun.Star, Carlos Landangan of the BSP Integrated Supervision Department said he received news of the financial condition of SRRB only from "third parties."
The depositors meanwhile were upset upon learning this. "This is so unfair. What they could at least do is tell us what we should do. They must explain to us why the bank has gone bankrupt," said the 68-year-old Ludivina Mangiliman.
Mangiliman stood in line in front of the bank. However, the bank's doors did not open until Monday afternoon.
Sun.Star tried to reach SRRB officials for comment but to no avail.
Businessman Victoriano de Castro owns SRRB.
Mangiliman and other depositors said the bank's management should explain why it closed its doors to depositors.
"It is already Christmas in a few days and I have not withdrawn any money from my savings. What will I spend in the coming days?" said Mangiliman, who has deposited P60,000 of her life savings in SRRB.
"This is so inconsiderate, they closed the bank a few days before Christmas," remarked another depositor.
One depositor also said if the bank has indeed gone bankrupt, he would lose around P65,000. "They should explain this to us. We will come back to the bank until they give us some answers."
The main branch of SRRB in Sta. Rita has depositors from the rural villages of Diladila, San Vicente, San Jose, and Sta. Monica - most of them are small and medium entrepreneurs.
Most small deposits, on the other hand, are those from retirees and old folks who depend on their life savings to finance their daily expenses.
Deposits of P250,000 and below are insured by the Philippine Deposit Insurance Corporation (PDIC). (IOF/Sunnex)
For more Philippine news, visit Sun.Star Cebu. (December 23, 2008 issue)
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