Why did LBC Bank have to extend loans to LBC Express so the latter could “ensure faster delivery of the remittances” sent through it?
Put more accurately, why did LBC Express have to milk LBC Bank of depositors’ money in order to pay off (deliver) its obligations (remittances) that were, in fact, already paid (remitted) by money senders?
Where were the remittances going?
How will LBC Express now deliver remittances, having bled LBC Bank to death? Where will it now get the money for delivery to beneficiaries? What will replace the dead goose that laid the golden eggs?
The Filipino people in the homeland and around the world deserve to know.
We call on LBC Remittance Express, its officers and staff, and agents in the Philippines, Australia, the United States and elsewhere around the world to stop peddling the moronic argument that LBC’s courier and banking businesses were independent of one another, and that LBC Development Bank’s closure does not and will not affect LBC Express’ money remittance and cargo forwarding operations.
It is a slap on the face of every Filipino, an ultimate insult to everyone’s intelligence. (FilAmStar.net)