Banco de Oro Unibank  » Finance  »
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Manila, Philippines
  • As the case, I expected a decent return, something more than what an ordinary savings account would give me

    • by aychua11

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      On October 2006, I invested some of my funds into Banco de Oro Premium Unit Investment Trust Bond Fund. Banco de Oro is one of the most aggressive Philippine bank today as shown by their acquisitions of other banks one after the other.

      It is no secret that the bank thrives on customers who’s businesses are inside one of the several SM Malls.

      Businesses and suppliers of SM are required to open an account with this bank “for convenience purposes” - so as the SM administration says.

      Banco de Oro is owned by the SM group of companies and is being run by its owners daughter.

      It is in knowing all of these that I placed my confidence on the bank.

      The funds I invested were supposed to have a fairly conservative exposure in terms of risks.

      As the case, I expected a decent return, something more than what an ordinary savings account would give me.

      But after almost 2 years, the value of the funds stayed very inconsistent with the performance ...

      • of the Philippine economy and other UITF’s offered by other banks.

        While the value of my other investments with other banks were increasing, that of Banco de Oro was either falling or staying the same.

        I got frustrated and I’m sure that just as others who withdrew their investments on the same day that I did mine, I was surprised and got more frustrated to find out that the value of the funds PRACTICALLY JUMPED 3 ENTIRE POINTS THE VERY NEXT DAY.

        There was an angry lady

        who sat beside me at the bank’s counter and I overheard her saying that she was withdrawing at least 6 million from the same investment fund as mine.

        She looked so frustrated and I overheard her saying that “this time she wont feel any guilt from withdrawing her money anymore after she let the bank use her money for a long time and she earned practically nothing in return.

        ” In my more than 3 decades of banking transactions exposure, I have never experienced such a violation of trust and confidence.

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    The review was published as it's written by reviewer in October, 2008. The reviewer certified that no compensation was received from the reviewed item producer, trademark owner or any other institution, related with the item reviewed. The site is not responsible for the mistakes made. 42810489030731/k2311a108/10.8.08
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