THE Bangko Sentral ng Pilipinas (BSP) has ordered Quezon province-based Rural Bank of Pagbilao Inc. closed and placed under receivership, state-run Philippine Deposit Insurance Corp. (PDIC) announced on Monday.

The three-unit rural bank, headquartered at C.M. Recto Ave. in Mapagong, Pagbilao, was prohibited from doing business and its assets and affairs placed under the control of PDIC.

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