BSP closes 9 more rural banks
January 4, 2010
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
- Pres. Roxas Rural Bank (Capiz) Inc. *
- Corfarm Rural Bank of Umingan (Pangasinan) Inc. *
- Rural Bank of Malasiqui (Pangasinan) Inc. *
- Rural Bank of Bautista (Pangasinan) Inc. *
- Rural Bank of Tacurong (Sultan Kudarat), Inc. **
- Kaunlaran Rural Bank (Pangasinan), Inc. **
- Camiguin Cooperative Rural Bank, Inc. **
- Rural Bank of San Ildefonso (Bulacan) Inc. ***
- 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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January 5th, 2010 at %I:%M %p
Rural banks are important in countryside development. But then, if they are not performing well, I guess the logical move is for the BSP and PDIC to step in.
January 5th, 2010 at %I:%M %p
I guess this explains in part why the BSP and PDIC have lots of non-performing assets for disposal, a lot might be from the acquired assets of these closed rural banks.
Jay Castillo´s latest blog ..Foreclosed properties for sale from Land Bank of the Philippines as of November 30, 2009