The Philippine Deposit Insurance Corporation (PDIC) was able to speed up the payment of deposit insurance claims for nine banks ordered closed by the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) in 2022.
San Fernando Rural Bank, Inc. is the fourth bank ordered closed by the Monetary Board for this year.
A former president and five officers of a closed rural bank in Camarines Sur have been charged for qualified theft and violation of Republic Act 3591 (as amended)
The PDIC reiterated that even with a bank closure, accountable officers and employees of the closed bank have duties under the law to cooperate with them.
Monetary authorities approved $7.4 billion in public sector loans in 2018, more than double the 2017 level.
