23 September 2011
To My Fellow Filipinos in Brunei Darussalam:
LBC Mabuhay Remittance Sdn. Bhd. has requested the Embassy's assistance in disseminating a copy of its letter to Valued ATM Bilis Customers, clarifying the status of LBC's various services.
We are therefore enclosing a copy each of the following for your information:
1. the said letter dated 12 September 2011 from Mr. Joel T. Mesina, Vice President for LBC Asia Pacific and
2. Memorandum issued by the Bangko Sentral ng Pilipinas on 09 September 2011 placing LBC Development Bank under receivership.
The Embassy encourages members of the Filipino community to do the usual background checks-including consultation with their remittance beneficiaries in the Philippines-before doing their financial transactions.
Just as banks have to know their customer, private individuals should likewise know the party with whom they do business. Accurate and timely information shall help you make more informed decisions and gain more confidence in managing your finances.
The Philippine Embassy in Brunei Darussalam, through the Philippine Overseas Labor Office (POLO), gives lectures on financial literacy as part of its skills and livelihood training activities. For more information, please feel free to contact POLO through tel. nos. +673 223 6981 or 883 0933.
We hope the enclosed information is helpful.
Sincerely yours,