The Philippine Deposit Insurance Corp. (PDIC) took over the single-unit Sarangani Rural Bank Inc. and assured its depositors that all valid deposits shall be paid up to P500,000.
In a statement, the state insurer said that the Monetary Board (MB) of the Bangko Sentral ng Pilipinas placed the rural bank under its receivership on December 6 by virtue of MB Resolution No. 2022, adding that upon takeover, all bank records shall be gathered, verified and validated.
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