We were shocked to hear the Export and Industry Bank, “ExportBank”, a nationwide Philippine Retirement Authority (PRA) affiliate bank with fifty branches, was ordered closed by Philippine Central Bank in April, 2012. We had assumed that the larger Philippine commercial banks were stable. Evidently, I was wrong. Those pension-based SRRV holders having their deposits at ExportBank with deposits of $10,000 may eventually get their money back through the PDIC, which insures deposits up to P500,000. Our heart goes out to those with larger deposits. They may have just lost tens of thousands of dollars, plus, in order to retain their SRRV they may have to fund new accounts with the required the SRRV deposit. See the PRA notice HERE. Those of us with SRRV deposits should take a second look at their choice of banks to hold their SRRV deposit.
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