Friday, June 8, 2007

Banco Paranaque

There have been some gossips in tabloids that Banco Paranaque is involved in illegal activities, but the bank has cried foul over these rumors, stating that these allegations were just meant to malign and destroy the reputation of the bank, its affiliates, and their top officials.

Rural Bank of Paranaque was established 1957, now celebrating 50 years of banking. The bank is in healthy operating condition. What is distinct about Banco Paranaque is the high interest rate they offer to depositors. Just like most other rural banks in the country, they are capable of providing high interest for deposits, because they also collect high interest in their microfinancing and other loan products.

We cannot say that rural banks are unstable. Definitely they are incomparable to commercial banks because they cater to a different market, have a different structure, and offer a simpler set of products and services.

Deposits in rural banks are also PDIC-insured, up to a maximum of P250,000. No need to worry if your deposits are within this amount, as we now have a strong and reliable Bangko Sentral and PDIC who stringently monitor the banking industry.

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