Thursday, August 30, 2012

Philippine Banks & banking laws

Banks are mostly recognized for their roles in a country's economy just like in the Philippines.  It seems that banks all over the world are concerned about loans that are unpaid and go relentlessly after those who owe them.  But, and that is a big but, if they are closed down for mismanagement and inappropriate banking practices, depositors who go after them will have to bear months to know if they can get their money back!

Not only that, the stupid Philippine government does not have anything in its laws to protect the employees of those closed banks!  The rank and file employees simply get a severance pay of one month or a little bit more.  They become jobless after several years of service expecting to retire.  Yes, what about employees who are about to retire in 5 years or less?  The Bangko Sentral and the Philippine Deposit Insurance Corporation (PDIC) just stick their tongue to them, as if saying "that's what you get for having imbecile employers!"

Employment in the Philippines is still as bad as it was before.  There's very little chance for employees of closed banks to get another job a.s.a.p.  What about those who are about to retire?  They have lost almost everything and would hardly be employed again!  Executives of the closed banks have no worry as they get paid by hiding their bank's secrets and even get employed with sister companies of the banks.

This is one thing that Congress and Senate have to consider because those banks have laundered money that should be take home pays or retirement benefits of their employees!

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