rural bank

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 …

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Closed by the BSP: Philippine Farmer’s Bank

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.

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