MANILA,Philippines — The Bangko Sentral ng Pilipinas (BSP) has shut down a Mandaluyong-based rural bank, bringing the number of closed banks this year to 10 as the regulator continued to weed out weak players in the industry. The central bank also ordered state-run Philippine Deposit Insurance Corp. (PDIC) to act as receiver to proceed with the takeover and liquidation of the rural bank. AMA Rural Bank of Mandaluyong is a 13-unit rural bank with head office located at 311 Shaw Boulevard, Barangay Hagdang Bato Libis, Mandaluyong City. Latest available records show that as of June 30, AMA Rural Bank of Mandaluyong had 8,434 deposit accounts with total deposit liabilities of P1.4 billion, of which 92.06 percent or P1.3 billion are insured deposits. It also reminded borrowers to continue paying their loan obligations with the closed AMA Rural Bank of Mandaluyong and to transact only with designated PDIC representatives at the bank premises.

Source: Philippine Star November 09, 2019 16:01 UTC