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Message 5372
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| Subject: | [socialcredit] BANKS' ACQUIRED PROPERTIES by Eric V. Encina | | Date: | Thursday, April 24, 2008 06:18:12 (-0700) | | From: | Eric Encina <ericencina @.....com>
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PHILIPPINE BANKS ACQUIRED FORECLOSED PROPERTIES
By Eric V. Encina
"In the middle of difficulty lies opportunity". Albert Stein
According to the news, there are more than 100 Philippine banks with
their branches in the Philippines have acquired foreclosed properties in the
country which they call it NON-PERFORMING
ASSETS or NPA, taken from those borrowers who are or were on default and were
not able to pay their loans at interest. They also call it bank acquired
assets. And there are so many in the Philippines like idle lands, rotting
houses, and building or derelicted properties in the hands of commercial banks.
Accordingly, those bank acquired assets or foreclosed properties at valued at
billions of money and conspicuously lying useless and believed to be as banking
liabilities. They make up 20% to 25% of what the banks own. The
Philippine government sides and protects the banks than the peoples-who work in
the field and pressured to pay taxes. The government is alarmed about the
NON-PERFORMING ASSETS OF THE BANKS that accordingly endanger the financial health
of the bankers but not alarmed about the hunger and poverty of the poor
Filipinos.
It is now encouraging to commercial banks to do fire sales through
new, obscure law called Special Asset Vehicle (SPAV) which gives generous tax
breaks for purchasing foreclosed properties of the banks. The central
banks and the private banks do not give away those foreclosed properties but they
are selling them at prices beyond the reach of the ordinary Filipinos.
To Social Crediters and monetary reformers, what do you think is the best
scheme to address this matter? If there is no money on the hands of
the people, how can the properties be acquired by the peoples who need them?
The commercial banks offer auction ort bidding of those foreclosed
properties like if one has $500 or P20,000 Philippine Pesos and if you win in
this bidding, you would get a multi-million peso worth of property.
There are those speculators and those with overseas funders taking this
opportunity acquiring these properties from the banks. There are banks here
advertising their foreclosed properties for sasle or through amortization
schemes. Finding foreclosed properties that they can market at a profit is like
real estate busines. The banks are offering here flexible
amortization plans and to those who have funds like those corrupt politicians
they get the properties so cheaply and then sell to those who can afford to pay
through rent to own schemes. Here in Capiz province, in the main town
of Roxas, there are so many foreclosed properties for sale
or through amortization payments, etc. Ordinary poor Filipinos cannot afford to
buy while there are increasing homeless families lying down and sleeping on the
roads. There are houses and lots, agricultural properties here for
sale at $2,000 to $3,000 to $5,000 in Philipine Peso value. There are even houses
and lot sale at $500 to $1,000 with titles. Most of the owners of
these houses and lots and lands are hugely indebted to the banks and were not
able to pay the loans at interest. THIS IS THE PENALTY OF THE SAVAGE
CRUELTY OF THE BANKING SYSTEM. I need comments.
Thank you.
Eric V. Encina Filipino Monetary Reformer
Filipino Alternative Solutions For Sustainable Survival Movement c/o
Lito Alhambra Old House, Homesite, Km2, Brgy. Lawa-an, PO Box 8, 5800 Roxas
City, Capiz, Philippines
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