Closed by the BSP: Philippine Farmer’s Bank

James Ryan Jonas

Following recent closures of  rural banks in the Philippines particularly that of the Legacy Group, the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) again placed one rural bank under receivership.

Effective September 18, the Philippine Deposit Insurance Corp. (PDIC) will take over The Philippine Farmer’s Bank.

The head office of The Philippine Farmers’ Bank is located at Cagayan de Oro. It has other branches in 13 other cities, namely, Dagupan, Cabanatuan, San Fernando (Pampanga), Naga, Lucena, Bacolod, Iloilo, Mandaue (Cebu), Ormoc (Leyte), Tacloban, Zambonga, Ozamis, and Davao.

Today, September 25, the PDIC is scheduled to have a forum for depositors of the Bacolod branch of the bank. The forum is set to be held in Benjamin Hall at No. 7, 4th-Lacson St., Bacolod City at 1:30 p.m.  Distribution of claim forms is expected to follow after the forum.

Discuss this rural bank in the forum thread Philippine Farmers Bank (A Rural Bank).

Learn more How to file PDIC claims for deposits of closed banks here.

To talk about Celso de los Angeles and the Legacy banks and pre-need firms, head over to the discuss folder Legacy, Rural Banks, and Pre-Need Firms Collapse.

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James Ryan Jonas teaches business management, investments, and entrepreneurship at the University of the Philippines (UP). He is also the Executive Director of UP Provident Fund Inc., managing and investing P3.2 Billion ($56.4 Million) worth of retirement funds on behalf of thousands of UP employees.