BSP shuts down rural bank in Misamis
This bank is the next to fold this year.
The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has ordered the Rural Bank of Initao from Misamis Oriental to stop from doing business in the Philippines.
In a decision on Monday, April 30, the BSP directed the Philippine Deposit
Insurance Corporation (PDIC) to enter as receiver and take over the bank on Wednesday, May 2.
Rural Bank of Initao runs one branch in the province, and maintains 1,476 deposit accounts worth P46.4 million. Of this, P42.3 million is insured by the PDIC.
“All valid deposits and claims shall be paid up to the maximum deposit insurance coverage of P500,000.00,” the PDIC said in a statement.
“Individual depositors with valid deposit accounts with balances of PHP100,000.00 and below shall be eligible for early payment and need not file deposit insurance claims, provided they have no outstanding obligations with Rural Bank of Initao or have not acted as co-makers of these obligations.”