The Bangko Sentral ng Pilipinas (BSP) has shuttered another rural bank in Camarines Sur due to insolvency, the fourth so far this year.
In a statement Friday, state-run Philippine Deposit Insurance Corp. (PDIC) said the Monetary Board, the BSP’s highest policy-setting body, on April 20 prohibited Rural Bank of Ragay (Camarines Sur) Inc. from doing business.
The PDIC was also ordered to liquidate the bank.
As designated receiver, the PDIC on Friday took over the rural bank as well as its affairs, assets, branches and records.
Rural Bank of Ragay’s head office was located in Poblacion Ilaod, Ragay, Camarines Sur. It had one branch in Del Gallego, Camarines Sur.
The lender’s general information sheet filed with the Securities and Exchange Commission showed that as of June 30 last year, it was owned by the following: Linda C. Aquino (18.87 percent); Jaime A. Manubay (11.61 percent); Mildred A. Perez (10.45 percent); Kristoffer Lloyd C. Aquino (6.68 percent); former president and chair Emma Louisa C. Aquino (5.80 percent); Maika C. Aquino (5.80 percent); Charina A. Lonogan (5.25 percent); Rolando M. Carandang (4.13 percent); Theresita B. Aquino (3.30 percent); Guillermo E. Abogado (3.18 percent); and Ruben D. Literal (2.35 percent).
As of end-2016, the bank had 8,062 deposit accounts with liabilities totaling P178.5 million, of which 96.8 percent or P172.9 million were insured deposits, the PDIC said.
“The PDIC assures depositors that all valid deposits and claims shall be paid up to the maximum deposit insurance coverage of P500,000,” it said.
Last month, the Monetary Board also ordered the closure of Rural Bank of Goa (Camarines Sur) Inc.
In January, the BSP closed down Countryside Cooperative Rural Bank of Batangas. Last February, it shuttered Rural Bank of Barotac Viejo (Iloilo) Inc.
In 2016, the BSP shuttered 22 lenders, including 21 rural banks and thrift bank GSIS Family Bank.