Money

Central bank closes down Rural Bank of Maigo

Another problem bank bites the dust.

Another problem bank bites the dust.

The Bangko Sentral ng Pilipinas (BSP) ordered the closure of the Rural Bank of Maigo, Inc. based in Lanao del Norte.

The Monetary Board issued the order on Thursday, Sept. 13 and authorized the Philippine Deposit Insurance Corporation (PDIC) to take over the bank one day later.

The bank has one branch in Poblacion, Maigo, Lanao del Norte and carried P73.25 million deposits, the PDIC said. Of this, P64.06 million is covered by deposit insurance.

The PDIC has committed to pay as much as P500,000 for depositors, while those with balances worth less than P100,000 can secure early payment.

“For business entities and all other depositors who are required to file claims for deposit insurance, the schedule for filing of claims will be announced as soon as possible through posters in the bank premises and in other public places, the PDIC website, www.pdic.gov.ph, and PDIC?s official Facebook account,” the agency said in a statement.

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