Hello all, what is the current status of the Rural Bank of Subangdaku (RBS)?
It appears it has gone into administration / bankruptcy on the 6th of January 2009, after suspending all withdraws of cash from depositors as far back as 16th December 2008 and falsily sending reassuring signals to investors that all was well.
I believe that the PDIC or Philippine Deposit Insurance Corporation will be stepping in to cushion the loss to the investors or so I was told.
What is its role in the instance of a Bank going bust, how much is covered by the PDIC, how long does it normally take to get hold to funds provided by it and does it cover savers with multiple accounts in the same bank or is there a maximum amount allocated to name of savers, irrelevantly to the fact that the money was split into different accounts.
I'm asking because a friend is now in dire straits and asking for help but I want to know the facts before committing....such as, will I ever get my money back?
