investments in philippines

[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]

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