2020-10-31

LBC Bank closure worries Pinoys

    Blacktown NSW

. It’s business as usual at the LBC Express Padala Remittance Centre in Main Street, Blacktown NSW.

But many Filipinos here admit that they feel nervous after learning about the closure of LBC Development Bank in the Philippines. Both LBC Hari ng Padala and LBC Remittance Centre are affiliates of the bank that was placed under receivership by Banko Sentral ng Pilipinas. All three entities are owned by the Araneta family which is headed by LBC Bank Chairman Juan Carlos Araneta.

One LBC customer who requested not to be identified expressed concern over the boxes he sent recently to his relatives in the Philippines. As of this writing, the boxes have not yet been received. When asked about the closure of LBC Bank, a local LBC employee said that they are a separate entity and people should not worry.

According to the Bangko Sentral ng Pilipinas (Central Bank of the Philippines), LBC Development Bank was placed under receivership because of insolvency and unsustainable operations that are detrimental to depositors and creditors; and violation of cease and desist order on unsafe and unsound practices.

6 thoughts on “LBC Bank closure worries Pinoys

  1. The Philippine Deposit Insurance Corporation (PDIC) advised consumers to wisely choose the banks where they will deposit their money. The trouble is, most depositors don’t and can’t read financial statements before they open a bank account. The regulators, whose job is to safeguard the public’s money, have a problem bank list that they do not divulge to the public, for fear of sparking another bank run. So who can the public turn to, to advise them where to put their money? No one, except the banks themselves who will always promote their self-interests. This analysis is an attempt to fill in that knowledge gap, by screening out the weaker banks that seem ready to implode at any given moment.

    List of Philippine Problem Thrift Banks as of March 31, 2011:

    http://bancofilipinofailure.blogspot.com/2011/10/are-there-other-banks-ready-to-implode.html

    List of Problem Commercial Banks as of June 30, 2011

    http://bancofilipinofailure.blogspot.com/2011/10/lbc-development-bank-bites-dust-are.html

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  3. When businesses are run from the bottom up and their is a lack of proper procedure and control, this results in failure. The senior management and owners of LBC do not understand what is happening and corruption and worse occurs. This is what has just happened to our charity organisation which has affected several of our volunteer operatives badly.

    Education First Foundation Limited
    UK Charity No. 1127112

    To: Luzon Brokerage Corporation (LBC)

    The goods passed to your office by our representative Ms. H Balacanao for shipment to Cagayan de Oro were accepted under false pretences; there was at no time any advice or transfer documentation whereby product of this value could simply be taken by LBC a courier company and assigned for their own purposes. We would reiterate that the goods belong to Education First Foundation, the postage labels being completed as is normal practice by Ms. Balacanao for delivery to our Representative Girlie at:

    GIRLIE CASERIA ASINERO
    BLK 12 LOT 16 GARDENS OF PORTICO
    GRAN EUROPA
    LUMBIA, 9000
    CAGAYAN DE ORO CITY

    and at no time were any goods to be pass to a third party as evidenced by the tracking numbers being given at the time of consignment.

    The transcripts of conversation and events evidence the probability that this is a scam within LBC., and we are very concerned that a courier company should without any proper documentation of assignment simply take goods and then profess ownership.

    Certainly free shipment was stated as being granted by virtue of the disaster which occurred in Mindanao however at no time was any transfer to what is now stated as LBC foundation involved; these goods were acquired for specific distribution to families of the Carmen area of CDO and must be received by our ground staff and in particular Girlie C. Asinero who is awaiting arrival of the goods.

    It is rapidly becoming apparent that this is a “scam” and the internal workings of LBC are “corrupt”, presumably without the knowledge of senior management. We have not been given proper details despite prima facia the goods having tracking numbers (161050162044, 161050162240, 161050162407, 161050162399, 161050162192, 161050162142, 161050168549, 161050162349, 161050162094, and 161050162240) and the destination of the goods being kept non specific. We have stated that we are happy to pay for the shipment of our goods and to collect them on arrival at CDO. It is becoming clear that such straight forward answers from LBC are being avoided. The only grounds for this occurring are corruption and the effective stealing and misuse of the goods belonging to Education First Foundation. We reiterate these goods have tracking numbers (161050162044, 161050162240, 161050162407, 161050162399, 161050162192, 161050162142, 161050168549, 161050162349, 161050162094, and 161050162240) and there is no bona fide excuse for them not being accessible at the Cagayan de Oro City destination.

    We are ready to speak with branches of the press in the United Kingdom and also in Cagayan de Oro City where we are well known and would refer you to our website at http://www.eff-charity.org

    The senior management of LBC need to be aware of what is occurring within their own organization.

    Every excuse for hiding these goods is given and it is unacceptable simply to state “not to worry, they will be distributed under LBC FOUNDATION”.

    Potentially, we understand the exuberance of wishing to take the credit from our goods. However, we have specific purpose and they cannot simply be “stolen” for LBC’s staff’s own purposes. This has to be remedied and we insist that senior management deal with this as a matter of urgency.

    We will have no compunction in taking legal action and placing these matters in the hands of the police and we reiterate that the goods are taken under false pretences and without due process and with every reason to believe for the benefit of LBC staff. No proper answers are given whereby these goods should be easily traceable via the tracking systems. There is furthermore a playing for time and dissuading us from action. Please note that we have photographs of all the consignments taken at the time of transfer and these had been placed on the internet at the time.

    As a courier firm, we are perplexed by statements that goods can be taken in this manner without assignment and exposing the company to corrupt actions of this nature.

    These goods belong to Education First Foundation who hold the receipts of purchase.
    As matter of urgency, and certainly within 24 hours before the excuse that the distribution of goods has already been made can be used, which frankly would be a cover up, please respond appropriately to my email address Lindsay@eff-charity.org.

    L. Fairbairn
    Fellow of the Institute of Chartered Accountant of England and Wales
    Chairman
    Education First Foundation Limited

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