Rural Bank of Polomolok (courtesy of PDIC)

The Rural Bank of Polomolok (South Cotabato), Inc. was ordered closed by the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) last July 14.

Through Resolution No. 985.A, the MB also ordered the Philippine Deposit Insurance Corporation (PDIC) to proceed with the takeover and liquidation of the bank. The PDIC took over the bank on July 18, 2022.

In a statement, the PDIC said the Rural Bank of Polomolok (South Cotabato), Inc. is a four-unit rural bank headquartered at National Highway, Brgy. Magsaysay, Polomolok, South Cotabato. Its branches are in General Santos City, South Cotabato; and in Alabel and Maasim in Sarangani.   The state deposit insurer said that its latest available records show that, as of December 31, 2021, Rural Bank of Polomolok (South Cotabato), Inc. has 3,326 deposit accounts with total deposit liabilities of P61.9 million, of which 96.3% or P59.6 million are insured deposits.

The PDIC assured depositors that all valid deposits and claims will be paid up to the maximum deposit insurance coverage of P500,000.00 per depositor.

Rural Bank of Polomolok (South Cotabato), Inc. is the eight rural bank to be closed by the BSP this year. Other rural banks ordered closed were operating in Nueva Ecija, Bulacan, Cebu, Leyte, Ilocos Sur, Laguna and Pangasinan. In 2021, the BSP closed 13 rural banks, five rural banks in 2020, 11 in 2019; 12 in 2018; six in 2017, and 22 in 2016.  — Rommel F. Lopez