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JohnnyS · 1203 · 430440


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BSP shuts down Maximum Savings Bank, AMA Rural Bank

Updated 9:47 PM, November 09, 2019

MANILA, Philippines – The Bangko Sentral ng Pilipinas closed down the AMA Rural Bank of Mandaluyong and the Maximum Savings Bank, with the Philippine Deposit Insurance Corporation ready to serve valid claims by the banks' depositors.

In a statement on Saturday, November 9, the Monetary Board, the policy-making body of the BSP, has "prohibited" the two banks from doing business in the country, pursuant to Section 30 of Republic Act No. 7653 or the New Central Bank Act.

Under the law, banks may be placed under receivership and liquidation proceedings if it has insufficient realizable assets, as determined by the BSP, to meet its liabilities.

The BSP said that the total assets of the bank are equivalent to only 0.02% and 0.002%, respectively, of the total banking system.

"The closures of AMA Rural Bank of Mandaluyong, Inc. and Maximum Savings Bank, Inc. are not expected to adversely affect the Philippine banking system considering their relatively small size," the BSP said.

In a Philippine Daily Inquirer report, AMA Rural Bank reportedly has a total resources of P2.83 billion as of end-June and was considered as the 15th largest rural bank in the Philippines. Its closure will affect deposits worth P1.45 billion, the Inquirer said.

Ama Rural Bank of Mandaluyong has 10 branches around the Philippines, with its head bank located at Mandaluyong City.

Maximum Savings Bank, meanwhile, has 3 branches in Luzon with its main office located at Batangas City.

"The overall Philippine banking system remains sound and stable with ample liquidity and high level of capitalization as BSP continues to promote good governance among its supervised institutions to ensure the soundness of the banking system and to protect the interest of the banking public," BSP said.

The BSP said that the PDIC is now ready to process claims from depositors of the closed banks. Under the law, the PDIC provides a maximum insurance coverage of P500,000 per depositor per bank


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Sa mga kilala at malalaking banks lang ako nag TD eversince. Pero 1 bank lang naman kasi yun lang pera ko hehe! 500k ko earning 700 monthly, used to be 1k pero bumaba na. Pwede rin sana 1k kaso 90 days, baka bigla ko gamitin yung pera kaya nagsettle na ako sa 30days lang.

Curious lang ako, what if sa kagaya nyan na nagsara yung bank, paano sinosoli ng PDIC yung pera mo tsaka usually gaano katagal process nito? No fees? Pwede  ipasok nila sa ibang banks?


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CA delays payment of arrears by shuttered AMA Rural Bank

By Bernadette D. Nicolas - January 27, 2020

State-run Philippine Deposit Insurance Corp. (PDIC) has announced that the payment of deposit insurance to more than 8,000 depositors of the shuttered AMA Rural Bank of Mandaluyong Inc. will have to wait longer as the Court of Appeals (CA) issued a writ of preliminary injunction preventing them from further pursuing deposit insurance and liquidation operations in the closed AMA bank.

This development came a day before the 60-day temporary restraining order (TRO) issued by the CA on November 25 last year was about to expire.

In statement on Friday, the PDIC immediately expressed “grave concern” on the latest development, saying the court order “further delayed the processing and payment of deposit insurance claims for valid deposits in the bank.”

“This injunction, including the refusal of AMA Bank officers and employees to account for and turn over the assets and records of the bank, and the previous issuance by the [CA] of a TRO against [the] PDIC to implement the closure of AMA Bank, all contributed to the delay in the payment of insured deposits,” it said.

The injunction will be in effect pending the CA’s decision on the case.

In spite of the injunction order, the PDIC stood firm that AMA Bank remains closed and under liquidation by the state insurer, which is also the sole authority to manage and administer closed banks under the law. PDIC has also since assured the depositors that it is committed to pay the insured deposits maintained in the AMA Bank despite the recent challenges.

Depositors, as well as clients of AMA Bank were also advised to communicate only with PDIC.

In 2019, PDIC has paid a total of P1.18 billion in deposit insurance, or 92.25 percent of the total amount of deposit insurance claims of depositors from banks ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas.

Before end-2019, the state deposit insurer conducted payout operations for 10 out of 11 closed banks. Of the 11 closed banks, it is only in AMA Bank where the PDIC was unable to conduct payout operations due to the TRO.

As of June 2019, AMA Bank reported total deposit liabilities of 1.4 billion for 8,434 deposit accounts.

PDIC, an attached agency of the Department of Finance, is mandated under the law to insure the deposits of all banks which are entitled to the benefits of insurance.

PDIC also has the authority to help depositors have quicker access to their insured deposits should their bank close, resolve problem banks while these are still open, hasten the liquidation process for closed banks, and mete our stiffer sanctions and penalties against those who engage in unsafe, and unsound banking practices.


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