Philippine Bank Solvency : which are saver / more stable

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Member since 11 July 2017

David4JesusActive member02 October 2017 07:04:06

If you've seen the youtube documentary on the 2007-2011 global economic crisis. .. then you may recall foreign workers in Dubai and .... expats in several nations... suddenly 'up the river without a paddle'.

I myself lost it all in the NYSE and my US bank going bankrupt and taking my 401k with them (invested in the banks stock)

... so... I would like to open a Vital 'personal security' topic about each of the banks in the Philippines.

To start, I would advise against choosing a PRC Mainland-China bank in the Philippines; every single expert in EU and USA have advised of 'impending bubble bursting' in PRC's banks in the future. ((China Bank, Agriculture Bank of China, etc etc. ))

TOPIC FOCUS: Share what you have researched about YOUR Filipino bank... as to it's liquidity, debt ceiling, and other factors reflecting the banks' ability to 'ride any NEW regional downturn' and still remain open and solvent.

For myself, I have already provided a cautionary point, as I do have 11 years first hand experience with banks, lending, and the upcoming real estate and banking bubble due to burst in mainland China.

So.... due diligence... share the wealth... so we each and all can 'have secure bank accounts' in the Philippines.

Thanks!

detgator Active member

Member since 29 December 2016

detgatorActive member02 October 2017 07:56:23

excellent topic !!!!!

DigitalShamus Member

Member since 27 September 2017

DigitalShamusMember02 October 2017 08:05:28

Don't keep your money in a Filipino bank. So shady and no insurance to speak of. Also a program error by one person borked the systems of one of the largest banks in the Philippines and you couldn't withdraw for a week. Mickey Mouse.

GabDen Member

Member since 26 December 2017

GabDenMember30 December 2017 04:59:17

Any banks that you recommend to keep your money in?

FortuneFavorsTheBold Banned

Member since 18 July 2016

FortuneFavorsTheBoldBanned30 December 2017 05:12:34

736

It's the Philippines. Don't put more than 500,000 pesos in any one account and then hope the insurance stays solvent. It's better to keep your money working for you in businesses IF you know how to run successful businesses in the Philippines.

GabDen Member

Member since 26 December 2017

GabDenMember30 December 2017 15:02:33

I’ll move to the Philippines next March. Unfortunately I have no idea how to run businesses there. What businesses are most foreigners involved in? Resorts, hotels, B&Bs, restaurants, bars, pubs and discos?

Can’t trust even the international banks?

FortuneFavorsTheBold Banned

Member since 18 July 2016

FortuneFavorsTheBoldBanned30 December 2017 21:50:35

736

Banks pay little or no interest. It's better to make your money work for you. Owning a business in the Philippines is a minefield. I wouldn't suggest it unless you know a Filipino /Filipina who you trust who knows how to manage successful businesses.

mugtech ViP

Member since 08 September 2012

mugtechViP02 January 2018 23:52:08

4429

Most keep their money off shore and transfer in what they need as they need it. It is best for US citizens to never have $10,000 or more in all foreign accounts on any one day or additional income tax reporting is required, even if the income is so low a 1040 does not need be filed.

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