MANILA, Philippines — State-run Philippine Deposit Insurance Corp. (PDIC) yesterday warned it would use the full force of the law after employees of the shuttered AMA Rural Bank of Mandaluyong Inc. owned by businessman Amable Aguiluz allegedly refused to turn over bank records. In a statement, PDIC said bank employees refused to account for and turn over the records under individual accountabilities. PDIC took over the bank last Nov. 8 after it was ordered closed by the Bangko Sentral ng Pilipinas (BSP). The central bank issued Resolution 1705.D prohibiting AMA Rural Bank from doing business in the Philippines pursuant to Section 30 of Republic Act 7653 or the New Central Bank Act. It is ranked 15th largest rural bank in terms of assets with P2.83 billion and fifth in terms of capital with P1.04 billion.

Source: Philippine Star November 15, 2019 17:03 UTC