POSLAI owes cop retirees P15M in unpaid time deposits

The Police Savings and Loan Association, Inc. (POSLAI) has more than P15 million to settle in time deposits of retired Manila policemen, the president of the Manila’s Finest Retirees Association, Inc. (MFRAI) revealed yesterday. The amount, which does not include the accrued interests, capital contributions and dividends, only reflects instruments from the retirees who have signified their intention to file charges against the entire board of trustees of POSLAI, according to MFRAI president and chairman retired Col. Felicisimo Lazaro.

Lazaro named other "victims" like Harrison Tolosa (P1.3 million), Abelardo Lucero Jr. (P10 million), Ernesto Palisoc (P1.5 million) and the Manila’s Finest Traffic Enforcers Welfare Fund Foundation (P121,000) who are still preparing their affidavits to be included in a class suit against POSLAI officials. He added that since POSLAI advertised and represented itself as a bank and accepted time deposits not only from other associations but also from non-police members, its officials may be held criminally liable under PD 1869 (economic sabotage) and could be charged with estafa, without prejudice to administrative and civil aspect of the case.

The MFRAI is filing a case against POSLAI officials led by its president retired Col. Vicente Palmon due to failure of the quasi-bank to pay and return the matured and terminated time deposits as well as the corresponding interests despite written and verbal demands.

Lazaro also lamented the alleged arrogant attitude of Palmon whom he had accused of "bragging around to people that nothing will come out of the retirees’ complaints."

"It is ironic that a man like (Palmon), who is said to be the highest ranking officer of the Order of the Knights of Rizal, takes the role of oppressor which is contrary to the ideals of Dr. Jose Rizal," Lazaro said.

"The retirees’ deposits at POSLAI are hard earned money which came from their retirement benefits and lump sum pensions as a reward for their long and dedicated police service. They deposited their money at POSLAI in the hope that their savings will sustain their basic needs in their twilight years," Lazaro also said. He cited retired Col. Alex Yanquiling, who despite his physical handicap due to a recent stroke, has to wait in vain everyday at the POSLAI office to withdraw his savings.

Lazaro also said Superintendent Moro Virgilio Lazo of Camp Crame also failed to withdraw his deposit of P9,240 only since March of last year despite his repeated demand to withdraw said amount.

Retired policemen Superintendent Ramon Cuenca, and Lts. Jose Pangilinan and Candido Feliciano have individually sued Palmon and the bank’s board of trustees for estafa, according to Lazaro.

Lazaro said the MFRAI will still pursue their class suit despite appeals from Palmon to bear with the financial problems now being experienced by the POSLAI.

The complaints aired by MFRAI against POSLAI are the unauthorized deductions, recurring erroneous deductions especially among PNP personnel assigned in the provinces, the failure of the PNP Finance and Computer Services to stop the deductions, and the free and unhampered deductions from new police recruits and trainees.

The group also lashed at the bank’s treasurer, SPO4 Radito Perez, for continuously issuing bouncing checks to depositors.