Banco Filipino says it has P31.4 B assets for rehab

Banco Filipino Savings and Mortgage Bank has claimed that it has P31.4 billion worth of properties that can be used for the rehabilitation plan it wanted to implement but which the Bangko Sentral ng Pilipinas (BSP) rejected.

The bank’s Vice Chairman, Perfecto Yasay, said these assets are more than enough to settle the P23.8 billion in deposit liabilities it now has. He also claimed Banco Filipino had more assets than liabilities when the BSP placed it under receivership on March 17.

“We clearly showed a positive asset valuation of P1.6 billion. The law says our assets must equal or [be] in excess of our liabilities in order for the bank to be declared solvent," Yasay explained.

But BSP Deputy Governor Nestor Espenilla Jr. said BF was insolvent at the time of its self-declared bank holiday because its liabilities exceeded its assets by P8.4 billion.

Meanwhile, the Philippine Deposit Insurance Corp. (PDIC) has revealed that they will start paying next month Banco Flipino depositors whose accounts had at least P10,000 when the bank went on a holiday.

PDIC executive vice president Cristina Orbeta said it has settled 53 percent of the closed bank’s deposit liabilities. These were accounts that had P5,000 or less when Banco Filipino shut down. — ELR/VS, GMA News

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