THE Bangko Sentral ng Pilipinas (BSP) has ordered a Batangas-based rural bank closed and placed under receivership of the state-run deposit insurer. In a statement on Friday, the Philippine Deposit Insurance Corp. (PDIC) said the five-unit Countryside Cooperative Rural Bank of Batangas was placed under its receivership on January 12 this year. The rural bank’s head office is located in Kanluran, Batangas City. As of September 30, 2016, the rural bank had 10,552 accounts with total deposit liabilities of P193.2 million. Countryside Cooperative Rural Bank of Batangas is the first bank to be placed under PDIC receivership this year.

Source: Manila Times January 13, 2017 16:39 UTC