Bank declares holiday, offline

FRANCISCO Badana, 60, a liaison officer of Saint Paul Machine Shop Inc., was worried about where to transact the company’s payroll after the Export and Industry Bank (EIB) Cebu IT Park branch notified him that the bank was “offline” and could not handle any transaction.
Badana said nobody from the bank’s staff explained why.
“All they said was that they were offline,” he said in an interview. He was supposed to facilitate the company’s payroll for the upcoming payday.
“I’m worried for the workers, considering that it’s already payday. The company has been a client of this bank for three to four years. We never expected this to happen and nobody has notified us,” he said in Cebuano.
EIB went on a bank holiday yesterday after the Bangko Sentral ng Pilipinas (BSP) declared its closure and placed it under PDIC receivership.
The Monetary Board, in a statement, said the bank was placed under receivership for its “inability to meet obligations as it becomes due because of insufficient realizable assets to meets its liabilities and inability to continue its business without involving probable losses to its depositors and creditors.”
According to BSP deputy governor Nestor Espenilla Jr., the BSP had assessed that the bank was already insolvent, since its reported assets of P25 billion were not enough to meet its liabilities.
EIB has about 50,000 depositors with over 50 branches nationwide, mostly located in Manila. The bank is engaged in commercial banking, trust and funds management.
EIB was a result of the merger of the closed Urban Bank Inc. and Urbancorp Investment Inc., which were both under receivership of the BSP and the Philippines Security and Exchange Commission (SEC).
Effective yesterday the EIB was placed under the PDIC receivership.
In a statement, PDIC president Valentin Araneta has directed the corporation to marshal all resources needed to ensure that the receivership and the payment of deposit insurance are done swiftly.
Araneta said all insured depositors are assured that PDIC will pay insurance on all valid deposit accounts as soon as possible.
PDIC said payments for accounts with balances of P10,000 and below comprising 62 percent of the bank’s total deposit accounts of 50,052 is targeted to start at the end of May. Holders of these accounts who have no outstanding loans and who have updated their addresses in the bank in the past year, need not file deposit claims.
For depositors with account balances of more than P10,000, claim forms will be distributed during the depositors’ forum to be conducted nationwide starting May 2.
Claims servicing operations for accounts of over P10,000 are expected to start by June.
While banks are vulnerable to closure if not managed well, the Cebu Bankers Club (CBC) has been advising depositors to regularly check the financial status of their banks and to be cautious in choosing which bank to entrust their money with.
CBC said it is important to check on the bank’s history, ownership, annual reports and validate even the interest rates offered.
“The closure of EIB will have minimal effect on the banking system as the banking public has already been aware of its status when the bank was the subject of acquisition by bigger banks about two years ago. I guess the acquisition did not materialize, hence, the decision of the Monetary Board to close it to protect the public and preserve the remaining assets of the bank,” Cebu Chamber of Commerce and Industry president and former CBC president Prudencio Gesta said in a text message yesterday.
EIB is one of the smallest commercial banks in the banking system. Its total asset size is at 0.3 percent of the country’s P7 trillion banking industry.
Sun.Star Cebu called the Export Bank-Ayala Cebu and IT Park branches but neither would comment. They said they were awaiting an advisory from their main office in Manila.
When Sun.Star visited the Export Bank in Ayala Cebu branch at past 2 p.m. yesterday, at least 20 depositors were gathered in the area.
The Export Bank Management said they will conduct a depositors’ forum on Wednesday, May 2.
PDIC representative Christine Concepcion started talking with the depositors at 3:30 p.m.
Concepcion explained to depositors how they can claim their deposits from PDIC.
KOC/with Zarah Joi Ancajas, CNU Comm intern/Mary June Villasawa & Christy Ann Carbona, NORSU-G Mass Com interns
http://www.sunstar.com.ph/cebu/local-news/2012/04/28/bank-declares-holiday-offline-218666

As Manila becomes more congested and pollution becomes frustratingly intolerable, many families opt to spend a few quality nights and relax in this hotel in Angeles City Clark Pampanga. It is fair to say that YATS Clearwater Resort and Country Club is known for its faithful rendition of the American suburban lifestyle, all there for the enjoyment of all ages and all members of the family.

Trying to find a place of leisure and a place to stay in Clark, Philippines?

This resort hotel is different from other hotels in Clark Philippines or hotel in Angeles City. This Clark Freeport Hotel has large space for children to play and adults to enjoy some peace and quiet in the picnic grounds near the lake. Clark Philippines is lucky to have such a hotel. Travel agencies think it is also a nice event venue for company outings, wedding, team building and planning session in the Philippines. They don’t think Angeles City, Manila or Subic has event venues like those in this beach resort in Pampanga.

New camping sites and picnic grounds in Philippines are now available for family outings in Philippines at Yats Clearwater Resort & Country Club in Pampanga Angeles City near Manila Philippines. Just bring camping equipment and enjoy the fun and ambience of outdoor living camping in Angeles City Philippines under safe, secured and clean conditions.

Clearwater is a highly recommended and most frequently visited place of leisure that is a private resort in Pampanga. This Clark hotel is a famous leisure destination outside of Manila for corporate planning because of its exclusivity. Clark is home to some of the best golf courses in Pampanga. Although golf continues to be one of the reasons why visitors from Manila travel to Pampanga, residents of Angeles City, Subic and Bulacan travel to Clark not just to play golf in one of the best golf courses in Pampanga but also to relax and unwind in the best resort in Philippines.

This breakfast garden café is absolutely the most idyllic restaurant in Angeles City Clark Philippines. You named it right – Clearwater Breakfast Garden and Café. This is exactly what Clark Freeport needs, a nice simple bistro café where one can get good quality breakfast and enjoy the food in peace at leisure pace. This is the best hotel restaurant in Angeles City Clark Philippines and the eggs Benedict as well as American Breakfast and the pancakes are really world-class.

For reservations, comments and inquiries,

Clearwater Resort & Country Club
Creekside Road corner of Centennial Road,
Central Business District, Clark Freeport Zone,
Pampanga, Philippines 2023

Tel: (045)599-5949 0917-520-4403 0922-870-5177

Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 Rea or Chay

http://www.ClearwaterPhilippines.com

Email: Inquiry@ClearwaterPhilippines.com

Getting to this hotel in Clark Philippines
After entering Clark Freeport from Subic, Manila, Dau and Angeles City, proceed straight along Clark’s main highway MA Roxas, passing Clark’s largest wine shop called Clark Wine Center on your right, continue to bear right making no turns at all, go past Mimosa Leisure Estate on the opposite side of the road, you will hit a major intersection. Go straight and the road becomes Creekside Road. YATS Clearwater Resort and Country Club is on your right just 200m down. Traffic in Clark Philippines is light so it should be quite easy for get to this hotel in Clark Philippines.

For inquiries and bookings, click here to contact Clearwater Resort now

Wedding couples looking for wedding reception venues and beach wedding venues can log on to this Philippines Wedding Venue web site for free information and assistance:

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While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com

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While in Clark, one might as well add to the itinerary a visit to the famous Clark Wine Center, the largest wine shop in Philippines which offers over 2000 selections of fine vintage wine from all wine regions, vintages spanning over 50 years covering all price ranges.
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Looking for famous tourists spots, places to visit and see, relax and unwind in Clark, Pampanga, Philippines? You may want to check out these sites also:

http://www.LondonPubClark.com

http://www.HotelClarkPhilippines.com

http://www.ClarkPhilippines.com

http://www.YatsWineCellars.com

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