In my blog, Patayin si Poverty, I expressed my disagreement on the reason why most Filipinos do not have bank accounts. The BSP head blamed it on poverty while I criticized the banking system's inability to attract depositors because of the policies and practices in the industry which do not work favorably for them.
Among the headlines today is putting Export& Industry Bank under receivership. It had closed its doors to depositors by declaring bank holiday. Athough the state-run deposit insurer PDIC is going to pay the deposits only a certain amount is qualified under insurance. The depositors for sure would lose a lot of money.
EXIMBANK is a commercial bank so its depositors are mostly in business. The bank accounts are not for interest earning purposes but for checking, business transactions done thru banks like export/import activities. So it is not poverty which would discourage these institutional bank customers to put all their money in one bank; it is the safety of the deposits.
Would I say more?
Pinaysaamerika
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