BSP Closes Banco Filipino

Manila Bulletin, March 17, 2011 | Go to article overview

BSP Closes Banco Filipino


MANILA, Philippines - The Monetary Board (MB), the policy-making body of the Bangko Sentral ng Pilipinas (BSP), has placed Banco Filipino Savings and Mortgage Bank (BF) under the receivershipof the Philippine Deposit Insurance Corporation (PDIC) to provide immediate relief to its 177,652 depositors, 97 percent of whom are small depositors fully covered by deposit insurance of up to P500,000 each.This is the second time since it was established in 1964 that BF was put under PDIC receivership in accordance with Section 30 of Republic Act (R.A.) No. 7653, the law creating the autonomous BSP.Majority of the seven-man board voted to close BF due largely to its inability "to pay its liabilities as they become due in the ordinary course of business, insufficient realizable assets to meet its liabilities, and cannot continue in business without involving probable losses to its depositors and creditors.""The MB took note of the failure of the Board of Directors/management of BF to restore the Bank's financial health and viability despite considerable time given to address its financial problems, and after according the Bank the requisite due process. It has, therefore, decided to prohibit BF from doing business in the Philippines and to place its assets and affairs under receivership," the BSP said."The BSP is coordinating closely with PDIC so that deposit insurance can be paid out as soon as possible. In this connection, the condition, coverage, and quality of the records and documents of BF will be material in ensuring immediate service to depositors," the BSP added.This means that depositors with account balances of P5,000 and below, without loans and whose last known addresses are reflected in bank records, need not file their deposit insurance claims as PDIC will immediately process and start mailing payments through postal money order within a week.It was said that depositors with balances of P5,000 and below represent 53 percent of total account holders. …

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