According to an old saw which is often accepted as a matter of course, no news is good news. So one asks, is it good news for anxious depositors of the Rural Bank of Subangdaku, Mandaue and its six other branches, that the PDIC, or even the rural bank management, has kept its sleeping silence for long?
The Legacy Group of rural banks (RB) nationwide through PDIC receivership had long begun paying their depositors within the P100T-deposit range. Only lately that it issued an update advisory inre depositors up to the PDIC-covered P250T maximum, but there seems news blackout on definite schedule of payment as yet.
Meantime, the nauseating revelations on the magnitude of the Legacy scam in the congressional probes are getting worse. In addition to previous info of possible tie-up of certain Central Bank bigwigs as favored borrowers, came that bombshell of SEC commissioner Jesus Martinez, Jr. allegedly receiving P1M as protection money from Legacy. Moreover, there's mention of Rep. Eduardo Zialcita as a monthly stipend recipient, as well as possible influence by SEC chair Fe Barin's husband with the Legacy big boss.
Overcame by pique, if not outrage, Senate head Juan Ponce Enrile as Blue Ribbon Committee chair, told Martinez to resign from SEC without fanfare. But Martinez didn't even have the gumption to blush or to feign, at least, some embarrassment at all. It now appears, however, that the Palace has ordered Martinez as relieved from the SEC.
Atty. Philip Piccio, PEP coalition president of the Legacy depositors and investors, has a list of BSP and SEC officials who could be on the Legacy scam, but demurred revealing names as they still are collating evidence. A big blast could implode to smithereens the heretofore sanctity of the BSP and the SEC.
Ranged against that grim background, how can the utter lack of updates, plus the grimmer reality that the Legacy Group's total liability against its depositors, investors, and surety debtors to have reached over P14B be good news, at least for all depositors within the P250T range still unpaid?
And those depositors over the P250T maximum and the double-your-money investors beyond the pale of the PDIC and only await fund availability after liquidation - crumbs as it now appears - how could absence of news be good news?
How does the Legacy cabal of greedy vultures, ever sleep in peace, or even for Delos Angeles to smile and fool the Senate probers and his victims as he assures in rote that "trust funds" and his personal estate would cover such liabilities?
On the lower end, say, the management of Subangdaku Rural Bank, and its six branches elsewhere, including Lapu-Lapu and Talisay cities, when will they ever break their silence? The cited Mrs. Paz Radaza, the alleged president of RBS as reported in the local papers, what say you, madam?
Again, the BSP and SEC must issue updates to allay the panicky depositors. And, the PDIC has to hasten the pay-up of the P250T-coverage as soon as possible. Further delay unnecessarily prolongs the agony of the affected depositors who are now direly in need of their nest eggs which they had put up for that purpose in the first place.
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Email: lparadiangjr@yahoo.com