. 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.