2 weeks BSP closes Laguna-based rural bank Manilatimes |Biz
Monetary authorities have ordered a rural bank in Laguna closed and placed under receivership. In an advisory over the weekend, state-run Philippine Deposit Insurance Corp. (PDIC) announced that De La O Rural Bank Inc. was ordered shuttered by the Monetary Board of the Bangko Sentral ng Pilipinas last September 10. As receiver, the PDIC was directed to proceed with the takeover and liquidation of the rural bank. De La O Rural Bank was the third bank to be placed under PDIC receivership this year. The bank’s assets and affairs were placed under control of the PDIC last September 11. ... more