Wednesday, September 02, 2009


Do you remember that dark moment in our banking world when the Bangko Sentral ng Pilipinas (BSP) shut down the Banco Filipino for "alleged insolvency?" At a time when BF had some PhP4.9 billion in assets, had 89 strategically-located branches, and with it came "satisfied customers." As such, no amount of effort then could sway top officials of the BSP to hear BF's side. In fact, in a historic stockholders' meeting of old presided by no less than Anthony Aguirre and Teodoro Arcenas, BF chair and prexy respectively, they presented what was called as a "Cry For Justice," which detailed the history of Banco Filipino's persecution by the Bangko Sentral, including a well-known and well-oiled law firm retained by the BSP.

This story at that time made the rounds of government and financial institutions, the banking community and media, where it had generated a sympathetic and an understanding response. However, several other headlines that followed soon pushed this aside. BF officials said that their bank and its 2,500 employees, 2,000 stockholders and 3.6 million depositors will someday get the full justice denied them by the BSP. I agree.

The BSP should look into this case once more to correct and finally put to rest a collective injustice done to legions of innocent depositors.

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