Is SVB Collapse Telling / myLot

Philippines

March 13, 2023 5:10am CST

I will have to tell you fiat money losing its value is my greatest fear. The banks closing and you not being able to get savings goes along with it. So when I hear a currency crisis my body and mind goes on panic mode. I dont know if some content creators are fearmongering or is it legit when they say many more is to come. The Philippine stock market is tanking as I speak and it is distressing. I'm going to take a loan and buy some necessities that will make me feel more secure. I will opt for a $40 monthly amortization which I wouldnt mind.

3 people like this

5 responses

allen0187

@allen0187 (58574)

• Philippines

14 Mar 23

No doubt that we will experience the effects of the SVB collapse here in the country. Hopefully, it isn't as impactful as what the news is reporting.

1 person likes this

Arya

@yoalldudes (35035)

• Philippines

14 Mar 23

I learned that you shouldnt put in one bank in excess of the fdic in our case PDIC insured amount. Just a thought because those who had more had the rest of their money gone. There could millions and such.

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allen0187

@allen0187 (58574)

• Philippines

15 Mar 23

@yoalldudes true. The amount is Php250,000 if I remember correctly.

Arya

@yoalldudes (35035)

• Philippines

19 Mar 23

@allen0187 We are insured by PDIC up to 500k pesos.

1 person likes this

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Four Walls

@FourWalls (74516)

• United States

13 Mar 23

The thing that confuses me is how were 85% of the deposits at SVB not insured. I don’t have much, and it’s allegedly insured by the Federal Deposit Insurance Corporation.

1 person likes this

allen0187

@allen0187 (58574)

• Philippines

14 Mar 23

My thoughts exactly. I read that the number is actually 95% and not 85%.

Arya

@yoalldudes (35035)

• Philippines

14 Mar 23

Aren't 100% insured but only up to 250k USD only

1 person likes this