• BSP shuts down CamSur rural bank

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    THE Bangko Sentral ng Pilipinas (BSP) on Friday has ordered a Camarines Sur-based rural bank closed and placed under receivership of the state-run deposit insurer.

    The Philippine Deposit Insurance Corp. (PDIC) said in a statement the two-unit Rural Bank of Goa was placed under its receivership on Friday.

    This means that the rural bank is now prohibited from doing business in the Philippines and all its assets and affairs are placed under PDIC control.

    The rural bank’s head office is in San Jose (Poblacion), Goa, Camarines Sur. Depositors of closed banks under PDIC receivership are entitled to be paid up to the maximum insurance coverage of P500,000.

    As of December 31, the Rural Bank of Goa had 2,230 accounts and total deposit liabilities of P115.3 million. Total insured deposits amounted to P114 million or 98.9 percent of total deposits.

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

    Depositors have until March 23 to update their records using forms that PDIC representatives will distribute at the rural bank’s premises. The PDIC also announced that it would conduct a depositors-borrowers forum from March 28 to 29.

    The Rural Bank of Goa is the third bank to be placed under PDIC receivership this year.

    In 2016, the Monetary Board closed down 22 banks and placed them under PDIC receivership. In 2015 it closed down 14 banks.

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