MB closes two rural banks

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THE central bank’s Monetary Board (MB) has ordered the closing of two rural banks and placed them under receivership of the state-run deposit insurer. In a circular, the central bank said the Monetary Board placed Rural Bank of Panay Inc. and Koronadal Rural Bank Inc. under the receivership of the Philippine Deposit Insurance Corp. (PDIC). The Monetary Board said the rural banks are now prohibited from doing business in the Philippines, with its assets and affairs placed under the control of the PDIC. Depositors of closed banks under PDIC receivership are entitled to be paid up to the maximum insurance coverage of P500,000.

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