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LBC Bank Closes

Depositors of LBC Developtment Bank have no idea what was going on for days when they couldn't access their money through atms until it was finally closed by the Banko Sentral ng Pilipinas. The Monetary Board has ordered the LBC Development Bank to be placed under the receivership of PDIC, Philippine Deposit Insurance Corp since last Friday. The bank was deemed insolvent because it could no longer sustain its operations and obligations to its depositors and debtors.

The PDIC said that the LBC Development Bank is a small bank and will not affect the banking industry as a whole negatively. However, LBC being known worldwide to many Filipinos as a courier and remittance company, a lot of OFWs and their relatives have active accounts to its affiliate bank, the LBC Development Bank. It sad to learn that it will take sometime for them to get their deposited money of not more than 500,000 Pesos back through PDIC. In the event that a deposit has more than the insured amount, they would have to wait further for the bank to sell their assets to be used to divide for its depositors.

Notice of insurance claims will be posted at the LBC bank branches and PDIC website www.pdic.gov.ph

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This site aims to provide you with everything you need to know to send money to the Philippines. With about 10 million Pinoys living overseas, mostly to work, remittances to the Philippines remain to be the economy's main source of foreign fund. The World Bank estimated 17B USD in remittances by end of 2009, next only to India and China as the world's top recipient countries of remittances. I hope this site can provide a comprehensive guide and all the possible options for Filipinos living abroad and Foreigners living in the Philippines to provide for their families and loved ones in the most economical and convenient way.