Cops want membership in failed bank terminated

Informed policemen of the Western Police District (WPD) now want their membership in the Police Savings and Loan Association, Inc. (POSLAI) terminated following reports that the bank is nearing bankruptcy. At the same time, an officer of the Manila’s Finest Retirees Association, Inc. said the MFRAI would make representation with the Bangko Sentral ng Pilipinas (BSP) in order that the banking institution would directly handle the collections of POSLAI while an audit of the beleaguered quasi-bank is ongoing.

"The BSP should handle POSLAI collections while the bank is reportedly in the red. We fear that the remaining funds would be dissipated by unscrupulous bank officials, leaving the hapless depositors with empty bag," said an MFRAI officer, who requested anonymity.

The MFRAI has taken up the cudgels for the beleaguered depositors of POSLAI by a planned class suit against the bank’s officers.

MFRAI had already collated 20 affidavits from victimized POSLAI depositors whose matured time deposits and corresponding interests due totals to almost P11 million, according to the association’s chairman and president retired Col. Felicisimo Lazaro.

The group said they will file charges of estafa against POSLAI president retired Col. Vicente Palmon for duping retired and active policemen to put their money in his bank and failing to remit the sum.

Some 30 victimized members of the MFRAI had aired their complaints with BSP Deputy Governor Alberto Reyes, who assured the group of a fair investigation. Reyes also promised to provide MFRAI a copy of audit examination on POSLAI after consultation with the BSP’s Monetary Board.

According to Lazaro the BSP will assign an auditor to watch over the operations of POSLAI. – Nestor Etolle