An article entitled “HSBC Bank on Verge of Collapse: Second Major Banking Crash Imminent” is currently making its rounds on social media, causing several people to panic and leading some users to ask whether they should start withdrawing their money from HSBC.
Two separate rural banks in Cabanatuan City and Quezon Province were again ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) less than a month after a big commercial bank, ExportBank, declared a bank holiday due to liquidity problems.
On May 24, Millenium Bank of Cabanatuan City was ordered closed and placed under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 817.
A few days earlier, on May 17, the BSP placed Quezon-based rural bank New Rural Bank of Tagkawayan, Inc. under the receivership of the PDIC by virtue of MB Resolution No. 772.
Banks have been the perennial option for Filipinos as regards keeping their money. Aside from the fact that deposits are liquid — meaning you can go to a bank anytime during banking hours to request a withdrawal — there is also a sense of guarantee because deposits up to P500,000 are insured by the Philippine Deposit Insurance Corporation (PDIC).
But now that we’re seeing rural banks fail one by one, we wonder: Is our money really safe in banks?
The Philippine Deposit Insurance Corporation (PDIC) is now processing the claims of depositors of the following Legacy rural banks with deposit balance of P100,000 and below.
Please refer to the following for a guide on how to get your money back.