Ofw bank, bank of the ofw's, for ofw's, run by ofw's,

[lodyl]

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Unsa may guarantee sa mga depositors ani TS?

[EsoyLegaspi]

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.

[aenigma143]

Murag kuyawan man ko ani basta sagulan na og religion ang business... Hapit na raba December 2012, kahinumdum lang ko sa istorya sa akong uncle. Nahitabo ni atong year 70's naa daw siya kaila ni apil og religion then gipasalig sa ilang Ginoo nga i surrender tanang kabtangan kay kuno dili kini madala sa langit. Intawon si undoy iya pod gihatag ang tanan, titulo sa yuta og kwarta. Dayon ni ungon nga pag ampo mo kay inig ka human atong tuiga matapos na ang kalibutan. Ambot lang unsay nahitabo ato nga tuig 2012 naman ta karon unya wala man pod matapos ang kalibutan. Si undoy nga nagpailad nanglimos nalang tawon karon kay gibiyaan sa iyang anak og asawa.
Basta ako bahalag og daghan pa og kabit, sugarol or bati og batasan ang CEO sa bangko basta ang ako anytime mowithraw nako sa akong kwarta naa gihapon koy makuha apil ang interest.
Last nani nakong POST dri nga thread, popcorn mode sa ko... tan awon nako unsay tagan ani after 1 year or more...

[lodyl]

^^Or kung ma implement ba ni ang "banko" ni TS bai....

TS, how about diay kanang mga banks sa coop?

[EsoyLegaspi]

The topic below may be considered Out-of-Topic. It is about Drug Companies. Drug companies making money at the expense of people.

TRUSTED "doctors" prescribe these drugs to their patients. Many people TRUST their "Doctors". Likewise, people look for banks they can TRUST. This TRUSTED drug companies earned billions and pay billions against law-suits and still make money.

Take control of your health – the article below shows records of how “drug companies” with their billions will try to do anything to make money whatever way possible..it is as if earning a few billions is not enough…the ruthlessness of greed, even the medicines that we buy with hard earned money, cannot be trusted, whom can we really trust ? The bank I envisage is a Bank that makes money but not that RUTHLESS...a bank that has a "conscience".

Anti-Inflammatory Celebrex Drug | Lawsuit Against Pfizer

[lodyl]

Unsaon man ang imohang paagi TS pagtukod ug bank that makes money but not that RUTHLESS as you said?

[EsoyLegaspi]

Unsaon man ang imohang paagi TS pagtukod ug bank that makes money but not that RUTHLESS as you said?

Hi Lodyl,
Those are questions that will be covered in the Business Plan. However, a simple buy and sell concept. How to make money, without putting in any money. Leveraging, using other peoples money(OPM) and resources. "Buy and sell" you can make money if you "buy on credit" and "sell", then pay back. That is an overly simplified approach but sort of the close analogy. Making money without money.

You can still make money without being "ruthless". It depends on the amount of money and how you make it. To manufacture and sell drugs like those "Trusted Phama" companies working with "Trusted Doctors", in the previous thread is unconscionable a practice of bleeding other people.

For Banks, people lost properties on interest rates when banks adjusted them. I made a mistake myself with Pag-ibig (LOVE) and got screwed. A Pag-ibig that was suppose to provide us the support and protection, something I did not notice when I was making the loan. They have all these "fine-prints" that you can hardly read. Things I did not learn in school. We are members of Pag-ibig(LOVE) but get screwed by the system. The system supposed to provide for the people. It was the way they computed the interest-principle on the monthly payments. I did not notice it, my fault. Learning the hard way. I did not learn that in Mathematics of Investment. Here is a classic example of a system for the people but takes advantage on their people.

[lodyl]

^^I sample daw na ang na experience nimo sa Pag-Ibig TS... para makasabot ming tigbasahan ani "further" about sa imohang concern about making an "OFW Bank"..... Also, OFW ra diay ang pwede magdeposit ani nga bank?

[EsoyLegaspi]

^^I sample daw na ang na experience nimo sa Pag-Ibig TS... para makasabot ming tigbasahan ani "further" about sa imohang concern about making an "OFW Bank"..... Also, OFW ra diay ang pwede magdeposit ani nga bank?

I made a housing loan with Pag-ibig, a financial institution of LOVE for the Filipino workers. So interest was so much etc., completed all the papers, etc., What I did not notice was the payment schedule of say 6,000.00 per month looks okey for 25 years. I understood how the monthly was derived. What I was not able to notice was how they distributed the principal and the interest. That means, although you get a uniform deduction as calculated by the standard acceptable formula, my MISTAKE was that I did not notice the weight of the principal and interest in the monthly payments.

In other words the principal and interest was lopsided with more of the monthly payments going to interest rather than deductions in the principal. So if you pre-terminate your 25 years loan, you will end up paying so much for interest and so low will be credited to your principal. 50/50 will only work if you pay the loan in 25 years.

All the while I was thinking that having paid say 500,000.00 for the loan, my interest and principal would be about 50/50. 50 goes to the principal 50% goes to the loan. Again my "MISTAKE", What I did not notice was that according to the payment schedule the amount that goes to the principal is about 25% and 75% goes to the interest. This ratio will change in time as years go by. In effect, instead of 250,000.00 reduction in loan amount, i was only credited 125,000.00 or much less instead of 250,000.00. Again it was my mistake that this "enclosure" I did not study very very very very carefully, but only looked at the monthly amortizations of 6 k. This things I did not learn in mathematics of investment. This was a carefully crafted scheme. My mistake a very very very expensive mistake.

I don't blame my LOVE, but I take it that if only I had a chance to improve and help the lives of other people I would not do it this way. It is beyond me to take advantage the people who are financing the program.

OFW bank is open to friends and relatives. It is for people who believe in fair play and will do something to make lives of other people better and peace and happiness reign. In the above case, I considered myself getting fried with my own lard/mantika. What a way to show LOVE to the people? Hence, fine prints and attachments are really very dangerous.

CEO's who ran away with my children CAP is another heartbreaking experience for me and so on and so forth. We are just ordinary working class law abiding citizens being taken advantage by people in position and power. Hence, for evil for prevail and exist it is enough that good men do nothing. All these evil exist because people are content to stay on their comfort zone. Hence, above all these bad experience, I believe we can do better than what happened to me and to those who share similar experience with the people we deal with.

We are not asking for anything more, we are just asking for what is due to us and our fair share, ordinary working class citizens, a way to protect ourselves from exploiters, parasites and opportunist. I don't condemn these people, they are part of God's creation, but we just have to know how to live with them and protect ourselves and our interest. We need good samaritans to help us.

[lodyl]

OK... now, how will you start this OFW Bank? Also, why man name it "OFW" if "everyone" can join in?