THE Bangko Sentral ng Pilipinas (BSP) has ordered the Cavite-based Rural Bank of Salinas Inc. closed and placed under receivership of the state-run Philippine Deposit Insurance Corp. (PDIC). In an advisory, the PDIC said the Monetary Board, the BSP policy-making body, placed the two-unit rural bank under receivership in effect prohibiting it from doing business in the Philippines and its assets and affairs placed PDIC control. The Rural Bank of Salinas head office is located in Rosario, Cavite. Depositors of closed banks under PDIC receivership are entitled to be paid up to the maximum insurance coverage of P500,000. The Rural Bank of Salinas is the 19th bank to be placed under PDIC receivership this year.

Source: Manila Times November 14, 2016 16:46 UTC