• Cavite-based rural bank shut down

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    THE Bangko Sentral ng Pilipinas (BSP) has ordered the Cavite-based Rural Bank of Salinas Inc. closed and placed under receivership of the state-run Philippine Deposit Insurance Corp. (PDIC).

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    In an advisory, the PDIC said the Monetary Board, the BSP policy-making body, placed the two-unit rural bank under receivership in effect prohibiting it from doing business in the Philippines and its assets and affairs placed PDIC control.

    The Rural Bank of Salinas head office is located in Rosario, Cavite. Depositors of closed banks under PDIC receivership are entitled to be paid up to the maximum insurance coverage of P500,000.

    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 loans and have incomplete or have not updated their addresses.

    The Rural Bank of Salinas is the 19th bank to be placed under PDIC receivership this year.

    In 2015, the Monetary Board closed down 14 banks and placed them under PDIC receivership. In 2014, it closed down 15 banks.

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