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.

Related Readings:

About the Author

PSEi support seen at 6,200 and 6,000 amid weaker Peso

In a not-so-surprising move, the U.S. Federal Reserve (Fed) yesterday raised interest rates by 75 basis points (bps) or 0.75% in a bid to tame rising inflation in the United States. This was the third consecutive 0.75% rate hike by the Fed, which brings the federal funds rate, the central bank’s benchmark interest rate, to ... Read more

Official SWIFT Code of BDO, BPI, Metrobank, Philippine banks

When sending cash remittances or wire transfer to a bank account in the Philippines (such as BDO, BPI, Metrobank, Landbank, DBP, etc.), you’ll surely need the SWIFT Code of the bank. Look no further because you can find all the SWIFT Codes you need in this list! Make sure you’re using the right bank code ... Read more

How to Waive your Credit Card Annual Fee (BDO, BPI, Metrobank, RCBC, Citibank, UnionBank)

Without a doubt, one of the most annoying fees that credit cardholders have to pay is the annual fee. Majority of cardholders are familiar with this fee and majority of us likely pay this grudgingly year after year after year. In the case of my credit card with BPI (Bank of the Philippine Islands), I’m ... Read more

Why Filipinos do not become business owners or entrepreneurs

For a majority of Filipinos, entrepreneurship does not seem to be a typical, expected path. This is not surprising, considering that in school, students are primarily taught to become employees after graduation. Students train for years to become staff workers, reporting to a supervisor, and just waiting to receive their wages or salaries every month. ... Read more

My experience investing in Mutual Funds in the Philippines

I started investing in mutual funds when I was 22 years old. As an Overseas Filipino Worker (OFW) then, I was fortunate to be able to save some money at that young age because of my work abroad. One time while I was on vacation in the Philippines, I saw a large billboard in EDSA ... Read more

Income Tax Tables in the Philippines (2022)

The Philippines’ new tax reform bill, known as TRAIN or Tax Reform for Acceleration and Inclusion, was signed into law on December 19, 2017 and its implementation began on January 1, 2018. What are the new income tax rates under the TRAIN law? How will TRAIN affect income taxes of individuals and corporations? How is the ... Read more

PSE Stocks Performance under each Philippine President (1987-2021)

Did you know that Philippine stocks were able to achieve an astounding growth of 800% in a span of 30 years? From 1987 until 2018, the Philippine Stock Exchange index (PSEi) rose from 1,000 points to a peak of 9,000 points — generating a return of 800% over 30 years. (The PSEi is an index ... Read more

SSL 2022: Salary Increases for Teachers, Nurses, Gov’t Employees

Good news to all government employees! There’s a new round of salary increases beginning January 1, 2022! Millions of employees of the Philippine government — including public school teachers, nurses and staff of government hospitals, and workers in local and national government agencies, etc. — will be getting an automatic salary adjustment this 2022 under ... Read more

PSE Trading Hours in 2022: What time open, when closed?

Before you take the plunge into stock trading and investing, make sure you understand what stocks are and how the Philippine Stock Exchange (PSE) operates. Unlike other investments that are relatively safe, stock trading is risky and loss of money is a possibility. So before you deep dive into the exciting world of stock trading, ... Read more

Price Floor and Price Ceiling of PSE Stocks

Trading bands in the PSE come in two forms: Price Ceiling, or the upper price limit, and Price Floor, or the lower price limit.

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.

  3. I comment once i like a post on a web page or if We have something to add on the conversation. Usually it is a result on the passion communicated in the put up I browsed. And after this short article Audi A6 3.0 TDI quattro Consumption and Costs | Cars Show. I used to be essentially moved enough to submit a leave a responsea response I do have a couple of questions for you if it’s okay. Could it be just me or does it look like like a few in the remarks look as if they are written by brain dead folks? And, if you are writing on additional places, I’d like to keep up with you. Would you create a list the complete urls of your general public pages like your linkedin profile, Facebook page or twitter feed?


Leave a Comment