Equitable PCI Bank depositors flock back

Thrust into the limelight after one of its top executives testified that President Estrada used the alias Jose Velarde to open an account, Equitable PCI Bank is experiencing "some" withdrawals but has not sought financial assistance or emergency loans from the Bangko Sentral ng Pilipinas (BSP).

BSP Governor Rafael Buenaventura said Equitable PCI Bank officials have admitted that since the bank figured in the impeachment process against the President, a number of its branches have had substantial withdrawals.

Equitable PCI Bank senior vice president Elbert Zosa said that while some depositors have withdrawn their deposits, "a number have already returned following the testimony of our people proving that we have not violated laws and we have maintained professional efficiency."

Zosa added "the bank also maintained the secrecy of deposit accounts and acted on orders of the impeachment court. The confidence is back."

Equitable PCI Bank executive Clarissa Ocampo testified before the impeachment court that the President used the alias Jose Velarde to open trust account with the bank. The prosecution panel is trying to establish that the money deposited in the bank came from jueteng, an illegal numbers game.

"They (Equitable PCI Bank) have admitted some withdrawals although they have not come to us for financial assistance, they assured us also that their operations are normal and they have enough reserves to meet their requirements," Buenaventura said.

Rumor has it that several of the bank’s branches are experiencing heavy withdrawals and some branch managers have reportedly been hinting to clients to transfer their funds elsewhere.

Talks of a bank run according to bank officials have not yet seriously affected the bank, but Buenaventura said such talk is unfortunate.

"It is uncalled for because they have not even asked for assistance, it is unfortunate when a bank becomes a victim of text-mongering," the BSP chief said.

"I hope people will realize there is no basis for these rumors," Buenaventura said, adding that the controversy will eventually die down and things will go back to normal. – Rocel Felix