bsp Archives » Pinoy Money Talk

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 … Read More

ExportBank closed, now under BSP receivership

Export and Industry Bank, more popularly known as ExportBank, is now closed and has been put by the Bangko Sentral ng Pilipinas (BSP) under receivership effective today, April 27, 2012.

Yesterday, April 26, ExportBank informed the BSP that it is insolvent and might be unable to meet maturing obligations and may be forced to declare a bank holiday. The Monetary Board of the BSP swiftly issued a resolution placing the bank under receivership.

The Philippine Deposit Insurance Corp. (PDIC) has taken over the bank and promised depositors refunds will be issued upon complete verification and validation of bank records.

LBC Bank now closed; PDIC to issue deposit refunds

Another one bites the dust.

LBC Development Bank, commonly known as LBC Bank to depositors, has been ordered closed by the Bangko Sentral ng Pilipinas (BSP) starting September 9.

The Philippine Deposit Insurance Corp (PDIC) announced it is taking over the assets and liabilities of LBC Bank after the BSP determined last week that the thrift bank was insolvent and violated a cease-and-desist order on unsafe and unsound banking practices.

Philippines suffering from shortage of coins

Coin shortage in the Philippines How many times have you been irked by cashiers saying they don’t have barya and “Para masuklian kita nang buo, Sir, penge na lang ng singkwenta sentimos”?

That scene is almost always annoying but, apparently, this only confirms that the Philippines is currently suffering from a shortage of coins.

For sale: Philippine Bank of Communications (PBCom)

Anyone interested to buy the Philippine Bank of Communications (PBCom)?

PBCom, a minor player in the Philippine banking industry, is again up for rebidding with the Macquarie Group already sending out invitations to other banks to submit a bid proposal.

The sale is part of the bank’s agreement with the Philippine Deposit Insurance Corporation (PDIC) to divest a majority of its shares following the bank’s rehabilitation in 2004 wherein the PDIC extended P7.6 billion worth of financial assistance to PBCom.

Banco Filipino depositors: How to file claims with PDIC

It’s official: Banco Filipino is closed and is now under the receivership of the Philippine Deposit Insurance Corporation (PDIC).

On March 18, the PDIC announced it is taking over Banco Filipino and initial steps to start the processing of claims are now under way.

New check clearing process in Philippine banks

A few weeks ago, I issued a post-dated check (PDC) but forgot to fund it prior to deposit date. My bank, the Bank of the Philippine Islands (BPI), called me up to follow up. I then immediately made the fund transfer and the check was honored on the same day without me paying any fees.

Unfortunately, starting this year, this is not anymore possible. The Bangko Sentral ng Pilipinas (BSP) recently issued Circular No. 681 or the “Revised Check Clearing and Settlement Processes.” Taking effect on January 1, 2011, the circular basically requires check issuers to fund the check prior to issuance.

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.