investments in philippines

[kermit123]

DONT DONT DONT DONT i cannot tell you enouth do not invest in any banks in philippines with PDIC insurance .i have 3 million in closed rural banks and was insured by PDIC goverment insurance company. that investers pay for when you deposit money in banks all banks in philippine has to have PDIC coverege, PDIC has 60 billion in there volts for closed banks to pay investers back well it happens now that PDIC hasent the funds free. thay have invested the 60 billion in a time deposit to make 7 billion a year profit.so now PDIC is playing a game of giveing out bullsh1t to investers while thay try to have a loan of central bank to service the claims .but thay(central bank) have said no once allready saying PDIC has funds themselfs .(which thay carnt get hold off lol.)these are small rural banks that have closed so if bank like HSBC OR BPI SHUTS the **** will really hit fan PDIC said thay will service claims but when no one has any idea not even PDIC when you phone them. this country is really a third world country .:yikes: i think that trust in PDIC and rural banks is slowly going down drain and people are takeing money out rural banks and a lot more will shut .if philippines is going to get any lower i think it is going to .it be holiday homes but somewear you never put money in to there banks

[KeithD]

..... this country is really a third world country .
We already knew that! :cwm24:

[Mrs.JMajor]

Didn't even think investing on rural bank either,:Erm:

[somebody]

DONT DONT DONT DONT i cannot tell you enouth do not invest in any banks in philippines with PDIC insurance .i have 3 million in closed rural banks and was insured by PDIC goverment insurance company. that investers pay for when you deposit money in banks all banks in philippine has to have PDIC coverege, PDIC has 60 billion in there volts for closed banks to pay investers back well it happens now that PDIC hasent the funds free. thay have invested the 60 billion in a time deposit to make 7 billion a year profit.so now PDIC is playing a game of giveing out bullsh1t to investers while thay try to have a loan of central bank to service the claims .but thay(central bank) have said no once allready saying PDIC has funds themselfs .(which thay carnt get hold off lol.)these are small rural banks that have closed so if bank like HSBC OR BPI SHUTS the **** will really hit fan PDIC said thay will service claims but when no one has any idea not even PDIC when you phone them. this country is really a third world country .:yikes: i think that trust in PDIC and rural banks is slowly going down drain and people are takeing money out rural banks and a lot more will shut .if philippines is going to get any lower i think it is going to .it be holiday homes but somewear you never put money in to there banks

Hang on I thought Phill was nirvana?

Well the PDIC are going to get tested soon thats for sure. Won't retype all the same stuf, but lets think where a lot of the deposits of the banks comes from non residents phill or non phill possibly held via a family member but the money could quite easily be taken out of the country.

Now a lot of these non residents have somehow got though their own Christmas and helped with the phill one. Now as pressures mount world wide that savings ie a considable percentage of the assets of phill banks is going to be severly tested.

Either money will be withdrawn locally and remited abroad to help abroad (many will get a nice profit if they do this if the money was deposited a few years back) and also those abroad will be encouraging those in phill to withdrawn from their accounts so they can reduce remittances sent.
Now in theory if Banks see the money they have deposited been taken out in great sums and not being replaced they need to encourage people to stop this trend so intrest rates will go up. Then they either increase lending rates or if they stay about the same well they end up with a situation like Britain high intrest on savings low intrest on loans....

What will all the Propety firms do if this happens? Will companies and investors bank money if intrest rates are high?

They had nice ratios due to the fat sums sitting in their banks which shielded them from issues other countries had. Once margins grow tighter who knows. Risks may be taken and panic may occur.


I remeber when the brown stuff hit the fan in the UK relaying info I was told by people who know more than me (not hard) said the Uks scheme could not withstand one bank possibly two collasping with out the goverment printing money and its most likely the same for nearly all countries. Even if the goverment could cover the costs investment and taxation would surely be affected.

[cheesewiz]

i thought there's no such thing as third world country now they changed the name to developing country....any difference:Erm:

anyway, banking in the Phils is not really safe in terms of trusting your hard earned money:( that's why all our politicians trust their money to different accounts abroad bec they know our money is in good hands...ooppsss

[pennybarry]

DONT DONT DONT DONT i cannot tell you enouth do not invest in any banks in philippines with PDIC insurance .i have 3 million in closed rural banks and was insured by PDIC goverment insurance company. that investers pay for when you deposit money in banks all banks in philippine has to have PDIC coverege, PDIC has 60 billion in there volts for closed banks to pay investers back well it happens now that PDIC hasent the funds free. thay have invested the 60 billion in a time deposit to make 7 billion a year profit.so now PDIC is playing a game of giveing out bullsh1t to investers while thay try to have a loan of central bank to service the claims .but thay(central bank) have said no once allready saying PDIC has funds themselfs .(which thay carnt get hold off lol.)these are small rural banks that have closed so if bank like HSBC OR BPI SHUTS the **** will really hit fan PDIC said thay will service claims but when no one has any idea not even PDIC when you phone them. this country is really a third world country .:yikes: i think that trust in PDIC and rural banks is slowly going down drain and people are takeing money out rural banks and a lot more will shut .if philippines is going to get any lower i think it is going to .it be holiday homes but somewear you never put money in to there banks

We have loads of commercial banks like BPI, Metro Bank etc. If you want more stable banks, we have Hongkong and Shanghai Bank in Makati, you can deposit £ either. No to Rural banks:doh

[Mrs.JMajor]

We have loads of commercial banks like BPI, Metro Bank etc. If you want more stable banks, we have Hongkong and Shanghai Bank in Makati, you can deposit £ either. No to Rural banks:doh

good answer :xxgrinning--00xx3:

[pennybarry]

DONT DONT DONT DONT i cannot tell you enouth do not invest in any banks in philippines with PDIC insurance .i have 3 million in closed rural banks and was insured by PDIC goverment insurance company. that investers pay for when you deposit money in banks all banks in philippine has to have PDIC coverege, PDIC has 60 billion in there volts for closed banks to pay investers back well it happens now that PDIC hasent the funds free. thay have invested the 60 billion in a time deposit to make 7 billion a year profit.so now PDIC is playing a game of giveing out bullsh1t to investers while thay try to have a loan of central bank to service the claims .but thay(central bank) have said no once allready saying PDIC has funds themselfs .(which thay carnt get hold off lol.)these are small rural banks that have closed so if bank like HSBC OR BPI SHUTS the **** will really hit fan PDIC said thay will service claims but when no one has any idea not even PDIC when you phone them. this country is really a third world country .:yikes: i think that trust in PDIC and rural banks is slowly going down drain and people are takeing money out rural banks and a lot more will shut .if philippines is going to get any lower i think it is going to .it be holiday homes but somewear you never put money in to there banks

Try to visit this site;
http://www.hsbc.com.ph/1/2/personal/deposits/fcaccounts


Thanks Mrs Major:D

[Sim11UK]

I understood some of the rural banks, were paying between 9-20% interest.
Hence their popularity.

[David House]

I understood some of the rural banks, were paying between 9-20% interest.
Hence their popularity.

Some were "paying" much more than that and being heavily promoted by "agents", some British, who have encouraged people to borrow in the UK at low rates and re-invest in the Philippines. The Legacy group have collapsed and that money is thought by now to be in the Caymans. It was all a Ponzi scheme and proves once again that something which looks too good to be true, usually is. I warned about this months ago and got roundly abused here in Cebu for being too cautious. Some people have "invested" up to 100 million pesos and will have lost the lot, unless the PDIC manage to pay up. Their payments are very limited and wont be for quite some time.
My advice is never put your money into anything like this. There are more scams here than you can possibly imagine, always perpetrated by nice people with big smiles.

[PeterB]

Some people have "invested" up to 100 million pesos and will have lost the lot, unless the PDIC manage to pay up. Their payments are very limited and wont be for quite some time.

Indeed, PDIC only covers the first 250,000 pesos - small beer for any worthwhile investment.

[fred]

Indeed, PDIC only covers the first 250,000 pesos - small beer for any worthwhile investment.


The whole point of why the 5 yr TD 20 percent interest accounts had so many investors was because they were covered by PDIC (up to 250K) so you may as well say that they were a government backed deposit.
You could open many different accounts in any of the Legacy banks and joint accounts are treated as separate accs.. It certainly was not hard for a slightly more savvy investor to squeeze 30/40 thousand pounds in..(depending on greed factor)..The early investors did OK as they received their tax free interest for well over 3 years.
The pre needs PNB22 products were for the naive or very very greedy investor as these "products" were not insured and producing over 40 percent here for a year or so..
The thread starter can tell you more about these so called "products" as he was one of the losers.
Ive had a chat with 2 Brits here that also invested..one for 2 mill and the other for 6. Surprisingly,Neither seemed bitter.

[kermit123]

i thought there's no such thing as third world country now they changed the name to developing country....any difference:Erm:

anyway, banking in the Phils is not really safe in terms of trusting your hard earned money:( that's why all our politicians trust their money to different accounts abroad bec they know our money is in good hands...ooppsss would that be iceland lol gaz/maybs

[kermit123]

The whole point of why the 5 yr TD 20 percent interest accounts had so many investors was because they were covered by PDIC (up to 250K) so you may as well say that they were a government backed deposit.
You could open many different accounts in any of the Legacy banks and joint accounts are treated as separate accs.. It certainly was not hard for a slightly more savvy investor to squeeze 30/40 thousand pounds in..(depending on greed factor)..The early investors did OK as they received their tax free interest for well over 3 years.
The pre needs PNB22 products were for the naive or very very greedy investor as these "products" were not insured and producing over 40 percent here for a year or so..
The thread starter can tell you more about these so called "products" as he was one of the losers.
Ive had a chat with 2 Brits here that also invested..one for 2 mill and the other for 6. Surprisingly,Neither seemed bitter.
no fred im not bitter in looseing my uninsured money (about 30,000 pounds ) with todays exchange rate. what im upset about is insured deposits. i only put deposits in becouse of the insurence cover by PDIC. it will pay out but time thats all. it is true that limits 250,000 each account but you can put lot more in diffrent names (really people not made up names and joint names )my wifes family anyway home this year :) be nice to be cold again lol gaz/maybs

[fred]

my wifes family anyway home this year :) be nice to be cold again lol gaz/maybsIm bloody freezing here!!
The owner of this cafe sticks the A/C on full blast all day...
I wish I`d brought me parka wiv me from the UK now!

[Sim11UK]

My input here, regarding 9-20% interest, was in relation to a thread a few months ago.
It was about expats investing the maximum 25k, in many rural banks, in order to earn an income & be insured, if they were to go bust. Therefore a relatively safe investment. :)

[kermit123]

why thank you sim thay saying now that the guy that robbed all people on un/ insured pnbb2 thay are going to take everythink of him he sold a lot to his ex wife 4 days before he went bust (tried to ) 57 million php so there takeing everythink of him to pay uninsured investers. lol we shall see its philippines but anythink is better than a kick in teeth lol.and insured said it will start mid feb paying wowwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww yip powwwwwwwwww :) again we shall see , so fred you in cebu m8 gaz/maybs

[somebody]

why thank you sim thay saying now that the guy that robbed all people on un/ insured pnbb2 thay are going to take everythink of him he sold a lot to his ex wife 4 days before he went bust (tried to ) 57 million php so there takeing everythink of him to pay uninsured investers. lol we shall see its philippines but anythink is better than a kick in teeth lol.and insured said it will start mid feb paying wowwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwwww yip powwwwwwwwww :) again we shall see , so fred you in cebu m8 gaz/maybs

So they recover some of the money, then pay the legal fees with some of that money, then the officials take their cut then about 250 pesos is shared among the people who invested:rolleyes:

[kermit123]

lol maybe pmsl but 20 php is better than nothink lol philippines i have open mind i lost it anyhow so anythink is bonus gaz/maybs