BSP shuts down rural bank

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The Bangko Sentral ng Pilipinas (BSP) has ordered the closure of the rural bank of Guihulngan in Negros Oriental, making it the sixth lender to shut down this year.

The central bank’s Monetary Board prohibited the bank from doing business in the country and placed it under receivership of the state-run Philippine Deposit Insurance Corp. (PDIC).

The PDIC took over the bank and its assets, records and affairs on 24 May 2019.

The Rural Bank of Guihulngan, a single unit rural bank has at least 933 deposit accounts with total deposit liabilities of P5.95 million.

In addition, its total insured deposits stood at P5.94 million, of which 99.85 percent are insured deposits.

According to the PDIC, depositors with valid accounts of P100,000 and below are eligible for early payment and need not file for deposit insurance claims, except if they have outstanding obligations with the closed bank or acted as co-makers of obligations.

For business entities and all other depositors who are required to file claims for deposit insurance, the schedule of filing of claims will be announced through posters in the bank premises and in other locations, the PDIC website (www.pdic.gov.ph) and PDIC’s official Facebook account,” the agency said.

Likewise, the state-run institution reminded loan borrowers to continue paying their loan obligations with the closed lender and to transact only with designated PDIC representatives.

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