The Philippine Deposit Insurance Corp. (PDIC) is calling on about 34,000 account holders of the 12 bankrupt Legacy banks to file their claims before the PDIC to speed up the processing of their claims, PDIC president Jose Nograles told the Senate yesterday.
Lawyers from the Office of the Solicitor General were reprimanded by Court of Appeals Associate Justice Martin Villarama for failing to provide respondents with copies of a petition to extend the freeze order on more than one thousand accounts of the Legacy Group of Companies.
The administrative supervision of the Securities and Exchange Commission has been transferred back to the Department of Trade, according to Executive Secretary Eduardo Ermita. The transfer was made not only amid pre-need scandals that rocked the investments regulator, but also at a time that other governments are pushing to consolidate supervision of the entire financial system.
The Philippine Deposit Insurance Corporation has hired the services of an audit firm that specializes in forensic fraud investigation to further bolster its Legacy Group probe.