BSP should be quick to protect depositors or else...

SLEEPING ON THE JOB? Anxiety level is high among depositors who are waiting for concrete action from Bangko Sentral ng Pilipinas (BSP) on the banks declaring bank holidays. The Ear heard that even with depositors of other banks, people expressed their apprehension on the lack of assurance from BSP that their money will be protected, even with the PDIC insurance. One depositor of a major bank said that the BSP should act quickly to protect the depositors of the banks who declared bank holidays to also assure the despositors and investors of other banks that the BSP is not sleeping on the job.

 RIPPLE EFFECT. A businessman who disclosed that he has accounts in several banks said that if BSP doesn’t assure other bank depositors that they are on top of the situation, this will have a ripple effect and will distabilize the banking industry. He said that BSP should be quick to protect the depositors or else people will be scared to deposit their money in banks. He said, “Kung kulang ang aksiyon sa BSP, mawagtang ang confidence sa mga tawo. Mahadlok na sila mo-deposit sa banko. Mahagba ang industriya.”