The Legacy of Legacy

PDIC has recently announced the initial liquidation of funds to the depositors of the bankrupted Legacy Group rural bank. Lots of speculations as to whether PDIC can sustain the release of funds amounting to billions of pesos. The amount is greater than the Fertilizer scam that involves former DA undersecretary Jocjoc Bolante. Add the fact that the trails of the real culprit of Legacy's failure have been carefully tainted, the curtain for a bigger showdown between the depositors and Celso Delos Angeles and his cohorts. Even some former managers of Legacy are going up against Mr. Delos Angeles.

It is definitely a frustrating experience from the part of the depositors. Depositor who have just enough have trusted Legacy to take care and nourish there savings. Financial "honchos" who are blessed with plenty of resources still voraciously wanted more and preyed on the unsuspecting depositors. Let's wait and see as the drama unfolds.

Being a rural bank depositor myself, there will always be a fear that the bank will shutdown without any prior notification. I am blessed of having a stable rural bank but i think the key to bank investing is diversification.


Thanks to pinoymoneytalk.com for providing substantial information on Legacy groups.