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Central bank shuts down another rural bank

THE Philippine central bank has ordered for the closure of AMA Rural Bank of Mandaluyong, Inc. and ordered the Philippine Deposit Insurance Corp. (PDIC) to take over its liquidation.

Bangko Sentral ng Pilipinas issued the order on Nov. 7. The state deposit insurer took over the bank on Nov. 8, it said in a statement.

The AMA Rural Bank of Mandaluyong had 8,434 deposit accounts with total deposit liabilities of P1.4 billion. Data showed P1.3 billion of deposits were insured.

“PDIC assured depositors that all valid deposits and claims shall be paid up to the maximum deposit insurance coverage of P500,000,” PDIC said.

“Individual account holders of valid deposits with balances of P100,000 and below do not need to file deposit insurance claims, provided they have no outstanding obligations or have not acted as co-makers of obligations with AMA Rural Bank of Mandaluyong,” it added. — Luz Wendy T. Noble

The post Central bank shuts down another rural bank appeared first on BusinessWorld.

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