"Give the bank a minimum of one to two years to recover," retired Col. Vicente Palmon appealed to association members, in response to allegations that POSLAI is already bankrupt.
At the same time, Palmon blamed his detractors for the current financial crisis being experienced by the bank.
"My detractors spread word around that POSLAI is on the brink of bankruptcy which precipitated massive withdrawals. So far, the bank has already released a total of P90 million to depositors," Palmon explained.
He also felt sorry for the Manila police retirees who are now planning to file charges of estafa against him. "POSLAI’s time deposit program was designed for retirees. I want the retirees to live decently. I am only wondering why they are the ones now rocking the foundation of the bank."
The Manila’s Finest Retirees Association, Inc. (MFRAI) has charged Palmon with dissipating the bank’s funds.
The group also called on Philippine National Police chief Director General Leandro Mendoza to take a direct hand by ordering the PNP’s Finance Center to place the bank’s collections in a trust fund of the Bangko Sentral ng Pilipinas which has administrative control over non-banks and other financial institutions while POSLAI is being audited.
MFRAI chairman and president retired Col. Felicisimo Lazaro alleged that "POSLAI failed to meet and satisfy even small withdrawals of deposits and (is) unable to pay the interest on savings and time deposits despite repeated demands."
Lazaro said the MFRAI is taking up the cudgels for POSLAI depositors by filing a class suit against Palmon and other bank officials since they "see very little chance for (depositors) to recover the money illegally deducted from them by POSLAI."
The complaints aired by MFRAI against POSLAI are unauthorized deductions, recurring erroneous deductions (especially among PNP personnel assigned in the provinces), the failure of the PNP Finance and Computer Services to stop the deductions, and the free and unhampered deductions from new police recruits and trainees.
The group also lashed at the bank’s treasurer, SPO4 Radito Perez, for continuously issuing bouncing checks to depositors.
Corresponding amounts from active POSLAI members, who are mostly policemen, are deducted from their salaries by the PNP’s Finance Center in Camp Crame. The deductions are remitted to POSLAI as the policemen’s deposits. Many Manila police retirees have invested their retirement pay in POSLAI as time deposits.
Meanwhile, Palmon welcomed the charges against him, saying he will clear his name in court. "Truth will come out, I am being unjustly persecuted by my detractors who have ulterior motives," he said. He, however, refused to elaborate.
Palmon is also contemplating filing charges of economic sabotage against his detractors, whom he refused to name. – Nestor Etolle