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Banker explains why Trillanes allegation Duterte had amassed P1B as longtime Mayor of Davao City is totally wrong!

Netizen Long Pineda, a banker by profession, is cynical of Trillanes formula in arriving with the P1B amount allegedly stashed in Duterte’s bank accounts.

Pineda said “that a banker worth his salt knows that when speaking of bank transactions, the more relevant numbers would be the ADB (average daily balance). You do not sum up all deposit and withdrawal transactions together because that would tantamount to double counting.”

Pineda cited an example to drill down her point.

For example, if I deposit 100K and withdraw 70K, that doesn’t mean I have a total of 170K in my account. My ADB for the day would be 30K.

“Now if you use the “Corona” math and add up the deposit of 100K plus withdrawal of 70K + 30K ADB, it would look like total transaction is 200K…this is what the Trillanes computation looks like…this is totally wrong, Pineda added.

Social media echoed the sentiment of the banker and this is especially true among netizens who are knowledgeable of how the bank works.

Netizen Aj Lim made a lenghty explanation: Debit-Credit
Deposits – Withdrawals
Simple math po ito
Accounting 101

The report said total deposits (rappler trash report)

DUH Ako din nag ilang milyon na total deposits ko pero wala akong perang ganyan. It would only point out that I had that much purchasing power, over the years when I have been using my bank account, for whatever sorts and reasons unknown (withdrawals). Kung meron receipts on online banking sa withdrawals ma trace yan pero kung cash physical receipt na para proof saan napunta.

Correct me if I am wrong ha…..
Average(Daily End of the Day balance )
Average(Daily End of the Day Balance Each day for the month) -> this method reflects daily transactions into the average and shows the trending pattern on the increase or decrease on the bank account’s monetary volume in the given time frame. So hindi Start + end of month /2 which is non-reflective of the day to day transactions done.

Francis Ibanez mocked Trillanes logic. “ang sarap naman kung ang laman ng account mo is the sum of how much you deposited and withdrew. nagdeposit ako ng 10k, nagwithdraw ako ng 5k, so magiging 15k ang balanse ko! ang saya! lol”

Mondo Ruiz Ocampo commented: “if i had opened my account in 1978 , wow then i can call myself millionaire now in 2017? Trillanes doctrine to.why is it im still poor?”

Your reaction?

Ceedits to Darwin Canete

The post Banker explains why Trillanes allegation Duterte had amassed P1B as longtime Mayor of Davao City is totally wrong! appeared first on Pinoy Trending News.


Source: Pinoy Trending News
Banker explains why Trillanes allegation Duterte had amassed P1B as longtime Mayor of Davao City is totally wrong!

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