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BSP closes problematic rural bank, 2nd this year

Lawrence Agcaoili – The Philippine Big name

February 20, 2022 | 12: 00am

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has ordered the closure of another rural bank because it continues to weed the industry of extinct and problematic gamers.

BSP Deputy Governor Chuchi Fonacier stated that the Financial Board issued Resolutions   210.B on Thursday prohibiting the Rural Bank of San Lorenzo Ruiz (Siniloan) Inc. from doing industry in the Philippines pursuant to Part 30 of Republic Act  7653 or The Unique Central Bank Act, as amended.

Fonacier stated the regulator has designated remark-flee Philippine Deposit Insurance coverage Corp. (PDIC) as receiver with a directive to proceed with the takeover and liquidation of the shuttered rural bank.

The monetary institution is located at Barangay P. Burgos in Siniloan, Laguna offering monetary lodging to local farmers, fishermen, businessmen, public and non-public workers, and students.

Right here’s the second rural bank ordered closed by the central bank this year.

The PDIC assured depositors that every person reputable deposits and claims would be paid as a lot as essentially the most deposit insurance coverage of P500,000 per depositor.

Particular person myth holders of reputable deposits with balances of P100,000 and below, who haven’t any notorious duties or agree with no longer acted as co-makers of duties with the closed bank, are no longer required to file deposit insurance claims.

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