Business & Finance

Local Banking Laws subject to Investigation

Two months ago I wrote an article regarding the closure of Export Bank and I clearly stated that Philippines doesn't have a descent bank act that protects our depositors who deserve the right to get their hard-earned money when a bank files bankruptcy. I even said that there is a Philippine banking system conspiracy behind these anomalies.

The administrator of diversityhuman.com yesterday mentioned in his article that BSP Governor Amando M. Tetangco Jr. mentioned our local economic fundamentals are sound, our banks are able to meet domestic credit needs, and we are capable of lending $1 billion from our international reserves to the IMF. It is absolutely an absurb claim. Party-list Representative Arnel Ty, a member of the committee on banks and the sectoral Representative of the LPG Marketers’ Association (LPGMA) mentioned that 41 banks were closed in the past 18 months.

In the article "Philippine Bank Closure - Facts You need to be Aware of" I highlighted some issues which are not being addressed by our current banking laws. I even said that "Our banking system is absolutely corrupt". After two months, a lawmaker urges to scrutinize and determine the adequacy of Philippine banking laws. 

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