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MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) has ordered another ailing rural bank closed for failing to meet regulatory standards.
The Monetary Board of the BSP placed Rural Bank of Majayjay (Laguna) Inc. under the receivership of state-owned insurer Philippine Deposit Insurance Corp. (PDIC).
The PDIC said it took over the bank on Friday, February 8.
RB Majayjay’s head office is located along P. Zamora Street in Majayjay, Laguna. Its two branches are located in Nagcarlan and Majayjay.
As of December 31, 2012, PDIC said RB Majayjay had 7,136 accounts with total deposit liabilities of P149.50 million.
The state insurer said it would gather, verify and validate all bank records and pay depositors up to the maximum deposit insurance coverage of P500,000.
Depositors may get information on requirements and procedures for filing of deposit claims in forums to be conducted by PDIC on February 13 and 14.
The schedule and venue of the forums will be posted in the rural bank’s premises and in PDIC’s website, www.pdic.gov.ph.
Depositors with valid deposit accounts worth P15,000 and below, who have no outstanding obligations with RB Majayjay and who have complete and updated addresses with the bank, need not file deposit insurance claims. PDIC targets to start mailing payments to these depositors by the third week of February. – Rappler.com
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