Since tapos na election, dito ko na lang ilagay itong thread na ito.

Anyway.......talagang itong si Cong. Pacquiao, "ENG-ENG". Gumastos ng napakalaki sa election, wala namang pag-asa manalo. Sinaid na ata yung milyones niya sa bangko. Ang mga depositors, nataranta!



Pacquiao Withdraws Millions From Banks


A locally-based thrift bank and two branches of regular commercial banks based in Manila are having difficulties servicing their clients panicked by the sudden withdrawal of most of the deposits of boxing champion Manny Pacquiao.

Informed sources said Pacquiao withdrew all his money from a bank in General Santos City as he conducted a personal audit and found he spent more than P140 million in election-related expenses but was still trounced by his diminutive political opponent. The withdrawal triggered similar withdrawals in two other banks in the city whose own clients heard of the sudden Pacquiao withdrawal, according to the sources.

None of the banks was identified but two of them are branches of two Manila-based commercial banks and the other is a locally-based thrift institution, the sources said. Sources said the banks hit by sympathetic withdrawals dealt with their problems by accessing the overnight market to service worried depositors.

According to the sources, Pacquiao, who ran under the Kabalikat ng Malayang Pilipino (Kampi), was miffed that his Metro Manila-based political principals did not deliver their end of the bargain as he sought the reimbursement of expenses arising from his decision to seek an elective position in his native province of South Cotabato. There was a reported deal for Pacquiao to spend from out of his personal pockets, with the principals pledging to reimburse every centavo spent at the end of the campaign period.

According to sources, Pacquiao called his political principals as it became clear just days before the actual May 14 elections that he would lose his bid to get a congressional seat, only to have them cut the phone line abruptly.
Subsequent attempts to reestablish contact proved futile, and this led Pacquiao to take all his money from the banks, ostensibly so the boxing champion could take stock of what was left of his personal wealth, the sources said.

Temporarily illiquid banks, such as those hit by mass withdrawals, borrow from others on very short term basis and return the money right after. That the problem was addressed adequately by the overnight market and without the intervention of the Bangko Sentral ng Pilipinas was a clear indication of the relative strength of the banking system as a whole, the sources said.

Meanwhile, a member of Team Pacquiao said it was possible that the superstar boxer did lose that much money in his attempt to become a congressman. “The P140-million plus Manny lost, [that] could be true,” a Pacquiao confidante said. “Definitely, it’s not lower than P100 million.”

One instance relating to how Pacquiao was duped is how two operators charged the boxer P500,000 but never worked for him after being paid. The operators said they would help Pacquiao in his campaign but would only do so if Pacquiao paid them the initial sum. Pacquiao never heard from them again. He later found out that they were already working in his rival’s camp.