GSIS’ CSR to GSIS bank’s depositors

I write this letter in behalf of Cristina G. Villanueva and other depositors of GSIS Family Savings Bank.

A depositor of GSIS Family Savings Bank, Villanueva had a balance of P2.514 million in deposits when the bank was closed on May 13, 2016.

The closure was ordered by the Bangko Sentral ng Pilipinas on May 13, 2016. About P1.82 million of her deposits was not paid by the Philippine Deposit Insurance Corporation.

Several depositors, including retirees, senior citizens and teachers, entrusted GSIS Family Savings Bank with their money because of the acronym “GSIS” affixed to its name.

What happens now to their deposits? Because of the bank’s closure, they are now left out in the cold and in danger of losing their hard-earned, lifetime earnings/deposits. Their only fault was to trust too much GSIS.

GSIS Family Savings Bank was a subsidiary of GSIS. It was owned and controlled by GSIS. Most likely, had the acronym GSIS not been attached to the bank’s name, the depositors would have not trusted—and would not have deposited their money with—GSIS Family Savings Bank.

Too much trust and faith in the brand “GSIS” is what drove them to deposit their money with GSIS Family Savings Bank.

Indeed, by affixing the acronym “GSIS” to the name of the bank, GSIS led the public to believe that the deposits in that bank were safe and secured by GSIS.

But to this day, GSIS has not done anything to help and/or mitigate the suffering of the depositors who trusted it. GSIS did not even contest the bank’s closure, an admission that the closure was just and lawful.

I appeal to GSIS to help the depositors get back the unsecured deposits. GSIS, being the owner and controlling shareholder of the bank, has the corporate social responsibility to return the unsecured deposits in the GSIS Family Savings Bank to the rightful depositors.

LEOPOLDO P. DELA ROSA, [email protected]