Bangko Sentral shuts down Rural Bank of Basey in Samar
MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) shut down a rural bank in Samar on Monday, May 20, the fifth bank it has closed in 2019.
According to BSP Deputy Governor Chuchi Fonacier, the Monetary Board prohibited the Rural Bank of Basey from doing business in the Philippines, pursuant to Section 30 of the New Central Bank Act.
The bank is now under the supervision of the Philippine Deposit Insurance Corporation (PDIC).
The PDIC will be accepting letters of intent from interested banks and non-bank institutions who seek to purchase the bank's assets and assume its liabilities.
Based on the latest available records, the Rural Bank of Basey has 631 deposit accounts, with deposit liabilities totaling P41.4 million. Of these, 19.7% or P8.15 million were insured deposits.
The BSP has closed 4 other banks this year, so far:
- Valiant Bank Incorporated (A Rural Bank), Iloilo
- Palawan Bank (Palawan Development Bank) Incorporated, Puerto Princesa City
- Rural Bank of Mabitac (Laguna) Incorporated
- Bagong Bangko Rural ng Malabang (Lanao del Sur) Incorporated
In 2018, the BSP closed down 12 problematic banks. – Rappler.com