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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6 thoughts on “BSP closes 9 more rural banks”

  1. 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.

  2. BSP has tightened its examination of banks. Several banks in Central Luzon were downgraded for BSP supervision and take over. These banks were previously highly rated rural banks and thrift banks. Sayang at ang daming kliyente na maliliit ang mga bangko na ito. Baka siguro nais ng BSP na maghari uli ang BDO at iba pang malalaking bangko. Hindi malayo na dahil dito magsara na lang ang mga bangko ng bayan lalo na yung nagsisilbi sa sakahan at agraryo sa Nueva Ecija. Kawawa ang mga maliliit na mangungutang.

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