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PDIC: All Valid LBC Accounts, Claims Will be Paid

MB places LBC Dev’t Bank under PDIC receivershipAll Valid Accounts, Claims Will Be Paid The Monetary Board (MB) placed LBC Development Bank under receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 1354 dated September 9, 2011. As Receiver, PDIC took over the bank on September 9, 2011. PDIC shall gather, verify and validate all bank records and administer and preserve its assets for the benefit of all creditors. PDIC assured depositors of LBC Development Bank that all valid...
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Notice to Depositors of LBC Development Bank on Conduct of Depositors Forum

Notice to Depositors of LBC Development Bank on Conduct of Depositors Forum The Depositors Forum is a venue for PDIC to discuss the procedures and requirements for filing claims. Following is a partial schedule of the Depositors Forums: LBC DEVELOPMENT BANK BRANCHESDATETIMEVENUE Head OfficeFor depositors with surnames starting A-L: Thursday, Sept. 15, 20112:30PMMakati Coliseum, Mascardo St., Brgy. Singkamas, Makati City Head OfficeFor depositors with surnames starting M-Z: Monday, Sept. 19, 20112:30PMMakati Coliseum, Mascardo...
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PDIC Statement on LBC Development Bank

Below is the statement published by PDIC for the depositors of LBC Development Bank:  PDIC Statement on LBC Development Bank September 12, 2011 The Philippine Deposit Insurance Corporation (PDIC) assures the public, particularly depositors of LBC Development Bank, that the Corporation will pay all valid accounts and deposit insurance claims as soon as possible. Latest available records prior to takeover show total deposit accounts of 321,516. We shall announce the start of payout as soon as possible, given the volume...
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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...
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About this Site

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.