BSP closes 9 more rural banks

Nine more rural banks in the Philippines were closed by the Bangko Sentral ng Pilipinas (BSP) before the year 2009 ended.

As per the announcement of the BSP’s Monetary Board, the following rural banks were prohibited from doing business in the Philippines and its assets and affairs placed under receivership pursuant to Section 30 of R.A. No. 7653.

Rural Banks Placed Under Receivership, November-December 2009

1. Pres. Roxas Rural Bank (Capiz) Inc. *
2. Corfarm Rural Bank of Umingan (Pangasinan) Inc. *
3. Rural Bank of Malasiqui (Pangasinan) Inc. *
4. Rural Bank of Bautista (Pangasinan) Inc. *
5. Rural Bank of Tacurong (Sultan Kudarat), Inc. **
6. Kaunlaran Rural Bank (Pangasinan), Inc. **
7. Camiguin Cooperative Rural Bank, Inc. **
8. Rural Bank of San Ildefonso (Bulacan) Inc. ***
9. Balayan Bay Rural Bank (Batangas) Inc. ****

* Closed as of December 10, 2009.
** Closed as of December 3, 2009.
*** Closed as of December 1, 2009.
**** Closed as of November 26, 2009.

The BSP has designated the Philippine Deposit Insurance Corporation (PDIC) as Receiver of the closed rural banks.

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