Daxim Lucas of the Philippine Daily Inquirer has come out with a good investigative report on the sordid mess that is The Legacy.
Lucas’ story implicates House Speaker Prospero Nograles. In the second part of the four-part series, the Inquirer said,
The Philippine Deposit Insurance Corp. (PDIC) started investigating what is now known as the Legacy Group rural banks four years ago during the term of then PDIC president Ricardo Tan.
Together with the central bank, PDIC initiated the probe of several Visayas-based rural banks that had aroused suspicion due to the rapid increase in their deposit levels and to reports of “sky-high” returns being promised to depositors or investors.
In the course of the probe, Tan recalled that he was asked out to dinner in 2005 by then House Majority Leader Prospero Nograles, through his “subaltern” George Regalado.
“To my surprise, when I got there [to Edsa Plaza Shangi-La Hotel], we were joined by Celso de los Angeles,” Tan said, referring to the alleged owner of several rural banks that PDIC was investigating for unsafe and unsound banking practices.
Go easy on LegacyTan said Nograles asked him to go easy on the probe of the Legacy rural banks because of De los Angeles’ ties to several administration allies. When contacted by the Philippine Daily Inquirer, Nograles vehemently denied the report.
“Primo, give him what he wants. He needs it. He helped Kabayan (Vice President Noli de Castro) a lot,” Tan quoted Nograles as saying to him, speaking on behalf of De los Angeles, who supported De Castro during the 2004 elections.”
Today’s issue of the Inquirer carries Nograles’ denial:
House Speaker Prospero Nograles on Friday accused former Philippine Deposit Insurance Co. president Ricardo Tan of lying and of trying to destroy his reputation.
“He’s not telling a correct story, he’s malicious,” Nograles said at the press conference that he called Friday to debunk Tan’s allegations that he had interceded for businessman Celso de los Angeles when the latter’s Legacy group of rural banks was under investigation in 2005.
To read Inquirer’s special report on Legacy, click on the url below:
Part I: Legacy bank’s double money scheme
Part II: Nograles invited banks prober to dinner
Part III: Legacy owner on BSP’s 1984 watchlist
ellen:
Careful! Mahilig si Prosperous sa libel suits.Remember the “burlesk king” issue.
Syria posted this in the previous thread:
reyna elena,
There is an easy way to compute the “double-your-money-scheme” using Albert Einstein’s Rule of 72. Here’s how.
To be able to do compound interest problems in your head, the Rule of 72 gives you a lightning fast benchmark to determine how good (or not so good) a potential investment is likely to be.
The rule of 72 says that in order to find the number of years required to double your money at a given interest rate, you can just divide the interest rate into 72.
For example, if you want to know how long it will take to double your money at eight percent interest, divide 8 into 72 and get 9 years.
The rule of 72 is remarkably accurate, as long as the interest rate is less than twenty percent.
You can also run it backwards. If you want to double your money in six years, just divide 6 into 72 to find that it will require an interest rate of about 12 percent.
Because compound interest is a really marvellous invention. – Albert Einstein (1879 – 1955) called it the 8th Wonder – It can work for you, or against you. When you invest it works for you. When you borrow it works against you!
The banks operated by Legacy offering 5% interest per month or 60% per annum is just too much. You are lucky to find a reputable bank that will offer you more than 10% interest per annum. Good banks are normally contented with a minimum gross profit of 20% per annum.
Ooops! thanks to Syria – yeap, am quite familiar with the rule of 72.
It’s like this: 72, interest rate assumption = 20%
a.) To find out how many years your investment will double:
72/20% = 3.6 years
b.) If you flip it around, you’ll know the interest rate you need to double your money
72/3.6 years = 20%
This is interesting. I’m being educated.
Now, lumalabas na ang hindi kanais-nais na connections ni Noli de Castro.
Nakapag-iwan naman sila ng Legacy! Hindi nga lang magandang legacy.
The Legacy of making people cry!
bago pa ba ito?
para silang buni at galis aso!
ang bilis kumalat ng virus!
‘yan ang legacy ng kasinungalingan!
Di ba si Nognog yung nagpakulong ng isang reporter dahil nag-report na nahuli niya si Nognog sa isang hotel kasama yung chicks niya? Nakakulong pa rin ba yung reporter na yun? Tapos ngayon, mukhang huli na naman siya sa akto, hindi nga lang chicks kundi pera naman. Tuso din si Nognog ano? Kaya siguro pumasa kay pandak na Speaker of the House because they are in the same league. Parehong mahilig sa “alam niyo na” at sa pera. Papasaan din at lahat ng kabuktutan ng mga ito eh may hangganan din!
Yes. That was Alexander Adonis, a Davao-based broadcast journalist.
Nograles was able to pressure Adonis, through the National Press Club, to make a public apology to him. Now he is out of jail.
Adonis had to fire Harry Roque as his lawyer to do that.
After that power-tripping, Nograles must be very happy.
And now Nognog wants another power tripping. Pera naman. Mukhang binabaliktad niya yung nangyari kay Tan. Well, I do not know this Tan but I can only judge a person by his prior actions. The incident at the hotel does not really give me a good vibration on Nognog.
Off topic: I saw the picture of the “talandi” brushing off the shoulder of the Sultan of Brunei. Sus, may gusto lang yang pandak na yan! Maybe she wants the Sultan to invest in Mindanao. Sa totoo lang, isa yan sa mga pinakamayamang Sultan. Kaya lang, will he trust the pandak? I DO NOT THINK SO!
PSB:
Talandi owes the Sultan of Brunei for giving her a royal title even when she has no royal blood, only dugong aso. The title given her was “Princess Laila,” named after the Palestinian heroine of the 70’s who helped hijack a plane flying to Europe. A lot many kids of Japanese rebels in fact were named after that Palestinian.
I was going to say the Talandi is living up to the name—by hijacking the Philippines and sucking Filipinos of their blood—money and all!!!
Kawawang Pilipinas!
any banks that promise or guarantee a certain interest rates on a deposit of over 6% can be acceptable. Doubling return is a big time scam.
A bank provides financial services to receive deposits and grant loans. Banks make money thru
1. Loans= a person goes to a bank to get a loan, they sign paperwork stating they will repay the money at a certain interest rate. This interest rate is higher than the BSP rate. ( BSP acts as our fiscal and monetary board who sets the country’s interest rates). The difference is where a bank makes money. Ex: If your loan is payable at 12% and the BSP rate is 7%. The bank makes 5%.
2. Banks make money from fees that customers pay for services such as to maintain a checking or savings account, checks, ATM and overdraft charges.
There’s no bank i believe that extend loans to borrowers and charge 20% interest rates. But even if there is, 20% is not attractive. Second, 20% minus the BSP rate of 7% for example is 13%. But still the bank has to pay its employees and other expenses. There’s no way that a bank can guarantee a 12% rate.
Rule of 72 is based on historical investment result. It no longer applies to the current financial crisis where money are expected to grow at least 12%. Today, majority of stocks and mutual funds are losing 30% of its value including real estate. I will not apply rule of 72 alone as my basis for investing. Investing is knowing who is handling your money, understanding economic trends and its fundamentals. If you don’t have the basic understanding, do not invest your money. In the Philippines, you cannot trust any of these people. When caught, they don’t go to jail instead you go to hell of headaches and can suffer a heart attack.
I am suggesting for anyone interested to become an entrepreneur and open your own business. This way, you have full control of your money plus you will help the economy by employing people.
If a bank pays 5% interest per month, by how many percent will your money earn after one year? 60%! Wrong.
FV=[1+i]^12:
1.05 x 1.05 x 1.05 x 1.05 x 1.05 x 1.05 x 1.05 x 1.05 x 1.05 x 1.05 x 1.05 x 1.05x 100% = 179.59%
The earnings is 79.59%
Celso’s “gobble your money scheme”
In early 2004, Celso de los Angeles, a BSP blacklisted businessman and a jueteng operator helped finance the election campaign Noli de Castro for VP and won.
In September 2004, Noli appointed Celso as President of the National Home Mortgage Corporation (NHMFC).
On July 1, 2005, NGOs in the housing sector took out a paid print advertisement addressed to GMA urging her to kick Celso out due to notorious, scandalous, and shameless graft and corruption. He went on sick leave in July 2005 and never went back.
Also, in 2005, Nognog invited former PDIC chief Tan to a dinner and was surprised by the presence of Celso. Nognog asked Celso to go easy on the probe of the Legacy RBs because Celso has ties to several administration allies.
Is Celso protected by Noli or Nognog or by both? Despite BSP’s ban on Celso’s RBs, it continued to operate where its funds were drawn by him through his Legacy companies. Celso succeeded luring lots of depositors through his “double your money scheme” and siphoning their deposits in millions of pesos. Really and truly, it is Celso’s “gobble your money scheme”.
Lahat na siguro ang nasa poder ay mga sinungaling or trained to be that good liars. Patay na yung sindi ng lamp na gamit sa paghanap ng honest man dito. Dina sisindi, kahit phosporous powder pa gamit sa lamp.
The same computation for prosecutor Resado, he charges 5% interest per month, too.
Confounding interests in Legacy.
Sorry ha, how much ba is the interest that is considered legal?
Citibank charges 3.50 percent per month. Yun lang ang alam ko.
Civil Code of the Philippines
“Art. 2209.If the obligation consists in the payment of a sum of money, and the debtor incurs the delay, the indemnity for damages, there being no stipulation to the contrary, shall be the payment of the interest agreed upon, and in the absence of stipulation, the legal interest, which is six per cent per annum.”
sabi ni kabayad kagabi ay hindi makakaasa ng proteksiyon ng kanyang opisina kung sino man ang kumakaladkad sa kanyang pangalan sa kontrobersiyang ito (legacy) kahit pa malaki ang naitulong sa kanyang kandidatura sa pagka bise presidente.
ibi9g bang sabihin, eh ingrato siyang hindi siya marunong tumanaw ng utang na loob? o kunyari lang dahil lumulutang ang kanyang pangalan bilang pantakip sa katiwalian?
sino ba naniniwalang malinis itong taong ito? eh, kahit noong wala pa siya sa senado ay kabikabila na ang gantso niya upang huwag maipahayag sa tao ang TUNAY NA BALITA?
kung ano’ng askad ng mukha ay siya ring lalim ng bulsang hindi na ‘ata mapupuno sa bayad?
any banks that promise or guarantee a certain interest rates on a deposit of over 6% can be acceptable. Doubling return is a big time scam – asiandelight
==================
please check – “over 6% can be acceptable” may not be safe as in the scheme by Legacy.
Doubling your money is not considered a scam unless the bank fails to pay its commitment to you. It is not a scam if a bank tells you the Future Value of your time deposit will be doubled in 12 years @ 6% interest compounded annually and the bank performed.
Ellen, I don’t think there is a legal interest in the Philippines. The Usury Law says that in the absence of express contract as to such rate of interest, shall be 12% per annum. To your case, your contract with Citibank is 3.5% per month. This is extremely high even if the Annual Percentage Rate and other charges are included.
The Usury law is now “legally inexistent” can be read on the website below.
http://phbar.org/wikilaw/index.php?title=Usury_Law
Deposits are liabilities of banks. You park your money, and they pay you interest. For the banks to make money, they must lend you money – at an interest rate higher than what they pay you. If nobody borrows, they (banks) are screwed.
That is the problem with rural banks, because very few borrow, especially if the interest rate is high. If people attempt to borrow, the banks don’t lend anyway, because they do not consider a talipapa vendor as “bankable”. Diyan papasok ang micro-lending ni Yunus (Grameen Bank) and the 5/6 operators like Resado.
Since the banks do not lend, there is no income. So at some point in time, they collapse. To make matters worse, the money was lent to fictitious borrowers (Inquirer). The banks were relying on the Central Bank’s being the lender of last resort. If the BSP does not fork up, as has happened, then the depositors of the rural banks are screwed.
Now comes Nograles with the bleeding heart argument; if the BSP can bailout the big guns like Coco Bank, why the double standard on rural banks?
Gago. Coco Bank’s loans are genuine. May umuutang na negosyante; may source of revenue, hindi regalo sa kaibigan ng politico. Coco Bank can pay, Legacy cannot.
So that’s why the banks are agressive in their program offering all sorts of loans.
Halata namang Nograles version of the dinner is a lie,
These people have no conscience.
The most we get here from saving deposit is 5% per annum and the bank charges for loan for good credit is Prime plus l.75% for line of credits (prime is usually the interest as mandated by the Central Bank Governor). Interest charges above 60% per annum is a crime of Usury and that would be including service charges as Credit lender the Type or Resado will use other Charges to go over the Usurious Limits, can not just do it, or he will be guisado.
Also one of the preventive measures to avoid the Legacy type Scams (it is a Scam, very plain and simple) is the prohibition of ownership of majority shares of any institution that accepts deposits or money from the public, the limit the last time, before foreign investors are allowed is maximum of 10% of the capitalization..no single individual would be able to control a Financial Institution.
Perhaps these are some of the Reasons that with all the bubbles bursting, financial meltdowns, economic downturns, no Canadian Bank or Financial Institution has failed yet, and not a single one had ever done the Legacy type of running away with depositors money, while South of the Border they are falling down like dominoes and just getting up with the taxpayers bail outs…And the Filipino Bankers are trying hard to be the number one in this game to add to the other distinctions, All in the short Span of the GMA regimes.
BSP Interest Rates as of Jan 30, 2009 is a Monetary Policy Decision.
The primary objective of BSP’s monetary policy is to promote a low and stable inflation conducive to a balanced and sustainable economic growth. The adoption of inflation targeting framework for monetary policy in January 2002 is aimed at achieving this objective.
Usury Law was supposed to prohibit lending or loan institution to charge interest rates over 12%. Any amount of interest paid or stipulated to be paid in excess of that fixed by law is considered usurious, therefore unlawful. However, pursuant to Central Bank Circular No. 905, adopted on 22 December 1982, the Supreme Court declared that the Usury law is now “legally nonexistent”.It should be clarified that CB Circular No. 905 did not repeal nor in anyway amend the Usury Law but simply suspended the latter’s effectivity.Usury has been legally non-existent in our jurisdiction. Interest can now be charged as lender and borrower may agree upon. When interest rates are low, it encourages borrower to borrow and spend.
In conclusion, humok ug ilong ang mga pinoy kay dali ra jud mailad. 🙂
hey guys & tita ellen,
from what i understand, rural banks, like these legacy banks are allowed by central bank (bsp) to charge higher interest since they are essentially dealing with small business enterprises at the very local level. i went to bsp site to find the circular, i could not find it. that was just mentioned to me by a friend who is a bank manager in ortigas. i’m sure, someone here knows.
but given the “untrustworthiness” of de los angeles from prior misdeeds based on the inquirer article, what’s in the word “guaranteed”? add mo pa the fact that banks have been collapsing for various reasons brought by the crisis.
i guess the fact that most local level investors do not have enough savings to max at Php250k which is what PDIC guarantees, maybe yun ang kinuhang “marketing” line to sting prospective investors to give in their money and invest at legacy dahil “guaranteed” nga sya. unfortunately, not by the bank but by PDIC.
meaning – if the bank goes in the read, all of the depositors will be covered given the PDIC insurance of Php250/depositor.
essentially, the basics in banking is that, you (the bank) invests the pooled monies in investments (real estate or stocks and bonds) to earn MORE interest and appreciated value on real estate to not only cover depositors invested monies but also other liabilities like operating the bank. so the next question becomes – where were all the funds INVESTED?! That’s what they need to look at. What were the banks capital investment strategies? I am pretty sure they have that in reports and in papers. Di papayag ang BSP without those. If they were able to uncover faked deposits, am sure they can verify the listed assets on their balance sheets. Ka Tulfo in his Inquirer column alleged that those were “invested” in jueteng where he wrote:
Of course, we would not know the veracity of this one. Who knows.
The other thing that I was quite interested was that: if BSP have this guy on their watchlist as early as 2005, what have they done since then? what were the actions done to pre-empt what happened? Di ba?
— (still reading the entire article on inquirer —
NGAK! THIS LINE “if the bank goes in the read,” – SHOULD READ:
” if the bank goes in the RED ”
hahaha! sorry!
Okay, so covered ng PDIC ang depositor.
What is the PDIC? A government instrumentality under the Department of Finance.
Where does PDIC get its money? From assessments (singil) from member-banks.
So, mayroon pa ring magbabayad sa regalo sa mga crony. Someone will be left with the empty bag, while the fictitious borrowers get away with the money.
Legacy will seek help from the BSP and the PDIC for the default of “borrowers” who cannot be found. Reverse Robin Hood ito. Rob from the poor to hand over to the rich.
It is always a scam when a bank promises a rate of return beyond normal business transaction. Normal rates can be in tandem with the BSP current Interest Rates. Any agents, or banks using words like “guarantee,” “high return,” “limited offer,” or “as safe as a CD” are red flags. It is a fraud.
The CD example do not apply to this discussion because the rate is almost in tandem with BSP rates. It is a normal rate. Investing not Savings is supposed to hedge against inflation. 6% yearly return on a CD with 11.5% current Philippine Inflation rate, you actually lose 5.5% of buying power.
As I said, one can always open a sari sari store and sell the guava fruits and employ the poor. Get a partnership and buy a franchise.
A Bank is not investment institution nor a stock or a mutual fund with historical result where Rule of 72 can be applied.
A Bank is simply a bank to keep your money safely and conservatively.
Tell your grandma and grandpa to keep deposit at max PDIC. ( 250,000 per bank) Over that amount, maybe it is wise to transfer some of that money to another bank or to my account 🙂
This is what Lito Banayo said in his article posted in the previous thread:
Si senor, scam grande! It happens daily under the corrupt Arroyo government.
BSP has failed again to regulate interest rats, fees and charges that a bank should normally charge.
Second, the people should understand normal and beyond normal. haaayyyy pinas. kapoy uy.
Let’s see what they would do to the Yuchengcos. I bet you nothing’s gonna happen.
Maám Ellen dito po sa place ko eh 4.5% lang per annum ang interest rate pag nangutang ka sa bangko and some other banks aabutin ng 5%.
Sa Pinas ang normal banking interest rate either savings or time deposit masyadong maliit ang interest per annum, but kung mangungutang ka sa kanila eh grabe ang taas ng patubo.
About doon sa mga kwento at nabuking na concerned lending institutions e talagang malaki ang patubo nila at malaki ang bigay na interest pero delikado ito dahil anytime posibleng maglaho ang perang ipinautang.
It was happened a few years ago sa Cebu, yong nag invest ng milyon pesos sa kitang dobleng patubo e ok for a few months but after that e tinakbuhan sila ng mga kawatan so hayong tumalon sa mactan bridge, kaya tepok siya.
Yan ang Legacy money lending scam, professional ang dating but the motives e pagkaperahan ang mga pobreng investors?
@atty36252,
Yeap am sure you know it given na nasa legal field ka and that’s how PDIC works, really nothing more than an insurance business. they collect sorta “premiums” from the bank. and i really like the way Lito Banayo puts it:
It’s a wicked merry (thieves) go round “Rob from the poor to hand over to the rich”. can you believe this?
This is also very similar to the “blind leading the blind” and the fingers are surely pointing back at BSP as well. It’s not just Legacy.
Now, we will have to go back to Ellen’s article of Falling Apart.
RE: A Bank is simply a bank to keep your money safely and conservatively.
Asiandelight, ang gandang pakinggan di ba…but pagminamalas ang perang pinaghirapan e biglang maglalaho ito ng parang bula.
Di ba, 250T lang ang insured sa PDIC…how about if your deposit reaching Millions of pesos at biglang nagdeclare ng bankcruptcy ang banko? Paano, goodbye na lang ang issue!
balweg,
kaya nga eh… anyway, here’s again my two cents suggestion
if you have more than 250,000 pesos , open another account with another bank ( another bank means another PDIC insured)It is not wise to keep lots of money if one bank. ma good bye jud ang inyong kwarta.
or buy a solid stock and create your own portfolio. study the stock managers, the people investing your money or the mutual fund companies historical return and its licenses. Diversification also includes opening a small business where you can control your hard earned money.
Also People should really invest their money or park their money in an informed decision kasi mahirap magtrabaho. Agents can be so unethical. They are pushy. Remember, they don’t make money out of salary. They all make money out of commission. Negotiate like a pro 🙂
mga pinoy kasi… humok ug ilong. 🙂
tama ka asiandelight,
diversify hahaha para covered nang Php250k nang PDIC, but… if it’s too good to be true…hmmm *kamut ulo* bokya abot mo.
Gabriela Says: This is interesting. I’m being educated.
Well Gabriela, as you said…so i tried to find in the WWW, Who’s Celso de los Angeles Jr. and what his connection in Legacy?
Exactly, i found out thru @http://media.inquirer.net/ inquirer/media/Celso-de-los-Angeles-profile.pdf
A Business Administration graduate, Asian Institute of Management. Great-grandson of former Marikina Mayor Laureano “Kapitan Moy” Guevara, who established the Marikina shoe industry in 1887.
Worked in the United States for almost 10 years before returning to the country in 1997.
Acquired Legacy Plans in 1997.
Sought Marikina City’s lone congressional seat in 2001 as an independent candidate under the Samahang Maka-Bayan (SMB)—Citizens Guard Alliance (CGA) umbrella.
Appointed chair of National Home Mortgage Corp. in Sept. 2004; was accused in July 2005 by nongovernment organizations in a paid print ad of being “not morally fit to be in government,” saying the few months that he headed the agency was a time of “flagrant and brazen graft and corruption”; filed sick leave prior to going on terminal
leave weeks later.
Elected mayor of Santo Domingo, Albay, in 2007. Now owns 13 rural banks with 29 branches nationwide under Legacy Group; all 13 banks closed voluntarily last year due to insolvency and have since been taken over by the Philippine Deposit Insurance Corp.
For further INFO folks, kindly open and read the full details of the Legacy Timeline: @http://media.inquirer.net/ inquirer/media/Legacy-timeline.pdf
Korek Asiandelight/Queen Elena,
Pinoys now a days are wise and intelligent about money issues, but sometimes they are victims of their kaswapangan, i meant it…they wanted to double or 100% to 1000% gain from any means, kaya enjoy ang mga kawatan like Mr. dark Angeles.
Mostly ang mga victims ay may kwarta, unlike ng mga ordinaryong Pinoy they will invest their money with full guarantee (250T insurance covered by PDIC).
nga pala people,
di ba this Jose Nograles, president of the Philippine Deposit Insurance Corp. (PDIC), the brother of Speaker Prospero Nograles was alledgedly linked to that swine scam? whatever happened to that story? anybody knows kung ano na ang update non? sukat kasi pagkahaba haba na nang lecheng listahan naten na to! hmpt!
also, yeah balweg,
me mga naloloko, kasi me mga nagpapaloko. offer lang ang rural bank nang 20% sunggab agad. di iniisip na pag it’s too good to be true, tyak bokya na naman kayo.
@balweg,
that link was deleted? @http://media.inquirer.net/ inquirer/media/Celso-de-los-Angeles-profile.pdf
I found this one blog instead: looked like this was recently created: http://celsoandhislegacy.blogspot.com/2009/01/celsos-history-with-legacy_29.html
Really Queen Elena, i save it in my laptop… so, medyo mahaba yong details kaya i need a permission from Maám Ellen if ever i can post this data (Legacy Timeline)para sa ikauuwa nating lahat.
correction… ikauuwa to ikauunawa Queen Elena! TY…
RE: nang 20% sunggab agad. di iniisip na pag it’s too good to be true, tyak bokya na naman kayo.
Your Highness Queen Elena, Sang-ayon sa Exodo 22:25, “Kung magpautang ka ng salapi sa kanino man sa aking bayan na kasama mo ang dukha, huwag kangmagpapakamanunubo sa kaniya ni hihingan mo man siya ng tubo.”
“Huwag kang kukuha sa kaniya ng patubo o pakinabang, kundi matakot ka sa iyong Dios: patuluyin mo ang iyong kapatid. Ang iyong salapi ay huwag mong ibibigay sa kaniya na maay patubo, ni ibibigay sa kaniya na may pakinabang ang iyong pagkain.” (Lev. 25:36-37)
Anong say mo! Kasalanan pala ang magpatubo?
In the Erap plunder decision of the Sandiganbayan, part of it reads as follows:
The case was against “Joseph Estrada, xxxx, John Does and Jane Does. Sino yung mga John and Jane Does? Yung mga binanggit ni Singson. Only Singson had immunity from prosecution.
The circus stopped at Erap’s conviction. The Ombudsman should have substituted the names of the above, after Singson’s testimony, because the John Does had already been identified. She did not. Dereliction of duty na naman.
Sa America, merong Joe the Plumber.
Itong Kapatid ni Speaker Nograles, sabit na sa swine scam, sabit oa sa legacy. Hindi malayong sabit din ito sa jueteng dahil ang itsurang nabubuo ay scam sa bangko, pondo para sa jueteng.
Dapat ipakulong iyang si Joe d’ Plunder.
Sabi ni asiandelight sa mga bloggers mag-invest. Sabi naman ng governorng Sulu sa ICRC kidnappers, “form a a cooperative”.
Okey yan. Magreregister na sila, kasama ang MILF at Abu sayyaf para magtayo ng kooperatiba na ang negosyo ay kidnapping. Ayos!
Bakit kaya parang kinakausap ni Noli de Castro nang harapharapan si Celso de los Angeles noong ini-interview siya ng ABS-CBN reporter? Ano kaya ang gusto niyang palabasin? Ang sinabi niya kasi ay ganito,
“Kung ikaw man ay tumulong sa akin noon eleksyon, ano man klaseng tinulong mo, hindi nangangahulugan na entitled ka sa aking proteksyon”.
If I will re-phrase it the normal way of saying it ay ganito,
“Kung siya man ay tumulong sa akin noon eleksyon, ano man klaseng tinulong niya, hindi nangangahulugan na entitled siya sa aking proteksyon”.
Simply stated, what Noli meant was he could be a protector to some but not to all.
Will it help if subjects like Banking, Finance, Investing and Stocks are added to the subjects of our High School students?
Off topic but fyi
—–Original Message—–
Subject: [SPAM] Photos/Text: Bicol militants protest Balikatan exercises in the Bicol provinces
Please visit:
http://www.arkibongbayan.org/
or go to:
Bicol – BAN Balikatan (Bicolano Alliance for Nationalism Against Balikatan) protests the RP-US military exercies in the Bicol provinces
Arkkbong Bayan Web Team
I wonder how much the criminals at the palace by the murky river get from Uncle Sam for allowing American soldiers to use Filipinos as human targets for their military exercises on Philippine soil, for surely these exercises are not done gratis et amore.
The Philippine’s kidnap for ransom industry has definitely made the country very famous.
And of course, cheap Filipino human labour, particularly in the domestic service sector, has become the conversation piece wherever you go in the Western World.
Mrs Smith to Mrs Jones: “I’ve got a great woman looking after the kids. She cleans the house, does the cooking, she can sew too! She’s knee high to a grasshopper but she is as strong as an ox.?”
Mrs Jones: “Is that right? Where is she from?”
Mrs Smith: “She’s from the Philippines. She has 5 children back home and sends most of her earnings to her family. Shr’s a gem, the children love her.”
Mrs Jones: “Hang on… Isn’t the Philippines the country where they kidnap people for a living?”
A Sordid Mess is Gloria Macapagal Arroyo’s legacy..
MANILA, Philippines – President Gloria Macapagal-Arroyo urged the United States to “do something” to reverse the global recession, as she called on developed nations to give developing countries a “bigger” say in running the world economy.
……Who is Evil Bitch to tell the US and President Obama to do something? What has she done to her own country, the Philippines?
be, the first thing tha went to my mind when I fisrt read the same news was that SHE’S SO SHAMELESS.
That’s what Arroyo said to US: Do something to end crisis.
What about the rampant in your face 24/7, by the hour corruption? Isn’t it that the worst thing to do is do nothing?
Read it here: http://newsinfo.inquirer.net/breakingnews/nation/view/20090201-186781/Arroyo-to-US-Do-something-to-end-crisis
Ohh! sorry BE! (i did not even read what’s above! apologies!)
Balweg, okay, please post the Legacy timeline.
I forgot until Reyna Elena mentioned it, the involvement of the brother of Nograles in the swine scam. Vera Files did a story on that.
Talagang kabit-kabit sila.
Your Highness, “Falling apart” was written by Lito Banayo.
There are small guys that talks loud for them to STANDOUT. And one of them is GMA.
Napakawalanghiya talaga na pagsabihan ni GMA ang USA na kumilos. Puro baho na lang ang lumalabas sa bunganga nitong pandak na ito pati tayo ay nadadamay sa kanyang kawalanghiyaang ginagawa niya.
Malaki ang pagkakamali niya na siningle-out niya ang USA. Wala rin siyang respeto sa USA at sa mga ibang nasyon. Akala niya ay sikat siya sa kanyang ginawa pero sa totoo lang ay pinahiya niya ang USA. Pinagtatawanan rin ang sinabi niya gawa ng alam naman ng mga nandoon ay kaharap nila ay isang “small and terrible”, “small and trouble” and most of all, “small and very corruptible”.
Hindi siya nahiyang sabihin na “We have a lot of liquidity in our Philippine banking system. In fact in our fiscal stimulus package, that we have, the private banks are going to be a very important part of it”.
Bakit pa tayo lumilimos sa USA at kung saan sang bansa kung liquid ang mga bangko natin. Bakit kukuha pa sa SSS ng P12.5B pondo para sa stimulus package. Bakit pa siya magsisinungaling na ang stimulus package natin ay P330M samantalang lininaw ni Angara na ang kaya lang natin ay hanggang P50M.
Kung puwede ko lang sanang matiris ito parang kuto ay matagal ko nang nagawa. Lunod na lunod na ang bansa sa hirap at kahihiyan.
buti pa balik alkansyang kawayan na lang, kahit walang interes eh wala namang mag-iinteres.
an’dyan lang kapag kailangan.
Re: Arroyo said to US: Do something to end crisis.
Sagot ni Barack Obama kay Gloria: Shut-up kleptoleprechaun!
sa pinas lang meron nito:
si raul, isang abogadong sinuspinde dahil sa katangahan sa batas, ngayon ay DOJ secretary.
si resado, terminated na abogado dahil sa inefficiency, ngayon ay state prosecutor.
si martir, isang koronel na AWOL, ngayon ay magiging major general.
ang pinakamatinde: si gloria merong minaster at dinoktor na degree, ngayon ay mahigit walong taon nang HINDI HINALAL subalit naging presidente!
Pinahalakhak mo naman ako MPRivera, inaantok na ako e biglang nabuhayan ng hasang….kasi nga eh ayos ang mga nota mo ha, ang galing mo talaga sa music at baka para sa drawing eh expert ka.
Nadali mo bro., kaya ang Inang Bayan eh talagang sakbibi ng kawalang galang ng mga binanggit mong peste sa ating lipunan. Kaya nagkakaloko-loko ang takbo ng Pinas eh pamunuan ba naman ng mga nagdudunung-dunungan sa ating lipunan…PISO kasi ang usapan dito kaya kapit sa patalim upang manatili sa poder ng nakaw na kapangyarihan.
Thanks a lot Maám Ellen!
Your Highness Queen Elena eto yon… LEGACY TIMELINE
Source: Inquirer
http://media.inquirer.net/inquirer/media/Legacy-timeline.pdf
1984—THE CENTRAL Bank of the Philippines closes three banks linked to Celso de los Angeles Jr. At least 28 estafa cases are filed against him, and he is put on a watch list
preventing his entry into the banking business. All cases against him end up being dismissed.
1999—Despite being on the watch list, De los Angeles reenters the banking system as chair of Rural Bank of Parañaque Inc. (RBPI), which was acquired by Legacy Plans.
Aug. 31, 1999—The Bangko Sentral ng Pilipinas informs De los Angeles of his disqualification, prompting him to relinquish his post.
June 8, 2001—The BSP approves Legacy’s acquisition of RBPI.
December 2001—BSP examiners find evidence of continuing involvement of De los Angeles in RBPI.
Jan. 24, 2002—The Monetary Board defers action on his request to be removed from its watch list, pending review.
Oct. 3, 2002—De los Angeles tells the BSP that he has no intention of reentering banking, but only wants to be removed from the watch list so that the issue would not be
used against him.
Dec. 10, 2002—He completes BSP requirements for removal from the watch list.
Feb. 14, 2003—The Monetary Board approves his request to be removed from BSP watch list.
2005—The Philippine deposit Insurance Corp. probes rural banks found offering high yields to clients, eventually finding that these banks are linked to De los Angeles; PDIC
president Ric Tan invited to meet with then House Majority Leader Prospero Nograles, a Lakas party mate of De los Angeles.
April 2005—BSP examination finds that five Legacy-linked rural banks are capital deficient.
April 1, 2006—Tan relinquishes post at the PDIC as his term expires.
July 2007—Another BSP probe finds that the number of capital-deficient Legacy banks has grown to nine, with total deficiency estimated at P2.5 billion.
December 2007—Jose Nograles, brother of Prospero, is named PDIC president.
May 2008—Legacy rural banks obtain court order from the Makati Regional Trial Court preventing the Monetary Board from acting on the findings of the latest BSP audit; the
BSP appeal is rejected.
June 2008—The BSP elevates the case to the Court of Appeals.
October 2008—The Court of Appeals upholds RTC decision, preventing the BSP from closing the rural banks.
November 2008—The BSP elevates appeal to the Supreme Court, which overturns the appellate court and RTC rulings, allowing regulators to act on the examiners’ recommendations.
December 2008-January 2009—One after another, 13 rural banks linked to the Legacy Group cease operations voluntarily; the BSP places them under PDIC receivership
airos,
Ayos ang banat mo ha, kahit na sa pangarap tutal libre naman ito e tirisin mo na yan ng makaganti ka naman.
At least ako eh nagmagandang loob naman, bakit ka mo…e ganito yon, a year ago nanganak ang aking doggie na si Shadow…bali apat na tuta, one of them ang ipinangalan ko eh gloria. Alam mo, talagang masiba e laging inaagawan ng pagkain yong ibang mga kapatid so sa kasibaan eh nasobra ata sa lusog kaya namumutok ang katawan sa taba.
Ang siste nito eh naka bawi din ako sapagka’t everyday si gloria ang sumasalubong sa akin at laging nakatanghod pag nanghihingi ng tsibog. Pagka minsan pag sobrang kulit eh pinipitik ko kaya hayon bahag ang buntot sa takot.
Kita mo pagtinawag ko si gloria ng kwa kwa eh ang bilis pa sa tambol-mayon.
balweg, pag-ingatin mo yang alaga mong si Gloria. Baka yung garapata sa mukha ay manganak at dumami. Tamang-tama pala, Shadow ang magulang ni Gloria mo. Anak nga ng Karimlan.
Alam mo, gagayahin kita. Bibili ako ng babuyan at tatawagin ko itong Malakanyang Farms. Merong limang baboy na espesyal, first family sila. Ang pangalan ng mga baboy ay alam mo na. Pag kakatayin na ay magpapa-raffle ako kung sino ang gustong gumilit sa leeg ng paborito niyang baboy.
Pihado dummy lang ni Fatso iyong kababayan ng nanay niya na taga Marikina. OK lang naman basta protected ang operation niya and everybody happy.
Puede ba, ipakulong na ang lahat ng mga unggoy na iyan? Problema, sinong huhuli sa kanila e lahat naman pare-pareho lang mga kriminal pati na iyong mga prosecutor ng DOJ, et al.
Por diyes, por singko naman, wala na bang naawa sa Pilipinas? Sibakin na, puede ba?
balweg,
Mas maganda sana kung yung timeline na iyan ay may entrada ng mga araw kung kailan nagbukas ang jueteng sa mga lugar na nagbukas ng branches ang Legacy.
wait!wait!wait!
Baka naman yung “AS” sa listahan ni Chavit e “Angeles” ang ibig sabihin? Tila mas matindi ang operasyon nito kesa kay Bong Pineda, ha?
Hahahah! I like that tongue:
“Bibili ako ng babuyan at tatawagin ko itong Malakanyang Farms.”
o kaya Malakanyang Pig Farm
Balweg – a German expat who lived in South Africa during WWII named his dog “bastard Himmler”. He had fun calling him “come here you bastard Himmler!!” just to mock the worst mass murderer in German history and also head of the Gestapo Heinrich Himmler.