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Forum » AffordableCebu.com Lobby » OFW Discussion » OFW Bank - Trust and Guarantee (The bank of the working class)
OFW Bank - Trust and Guarantee
JoelVasquezDate: Monday, 09 July 2012, 9:07 PM | Message # 1
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Quote (lodyl;13004530)
Unsa may guarantee sa mga depositors ani TS?

Hi Lodyl, Many thanks for asking.

In principle, this will work like a "traditional bank" for those who wish to deposit. It will follow government regulations and will be covered under the PDIC. Hence, like any other bank, PDIC is the guarantor. However, there is a slight twist, this unlike other banks need not work on deposits. We will work on what I call as "virtual deposits".

In the traditional banking sense, we are used to a pattern where we are dependent on other peoples money(capital) and "TRUST" them with our money. "Member Depositors" - MD's need not be afraid because they "actually" did not deposit anything. MD's actually create "virtual deposits". The "process-design" of this "virtual deposit" will be discussed in the business plan.

Guarantee and Trust. There is no need for "TRUST" to work here. A mechanism shall be in place(SOP's), there will be no need for thinking process and expertise of CEO's. We are well aware from our experience that, Rich People-CEO's have run away with other peoples money no matter how much money they have? Transparency in all transactions I believe is the key. So everything is above board and can be monitored on-line. MD's can "vote or object" on-line.!!Only in God we Trust. Anything that does not look right can be read or reported immediately on-line.

Investments will all be transparent. Why should we hide anything from one another, especially bank officers ? SALN's will be opened for viewing by fellow MD's. The Philippines has so much wealth, there is more than enough for everyone. In the previous threads, I posted an article that says the Philippines has the 5th largest natural resources in the WORLD. Resources to be share by 90 Million Filipinos and not 10% of the 90 Million. Hence, as I have repeatedly said over and over, there is no need for GREED, HUNGER or VIOLENCE. There is no need for TRUST. We have only one CEO - God/Allah whatever you call him. For me, He is the Big Boss. We need a Bank of the Working Class, for the Working Class, by the Working Class. We can beat Singapore and hopefully Japan. These countries have no natural resources.

Forum » AffordableCebu.com Lobby » OFW Discussion » OFW Bank - Trust and Guarantee (The bank of the working class)
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