BSP shuts down rural bank in Negros Oriental
MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has closed down the Rural Bank of Siaton (Siaton, Negros Oriental), bringing to 12 the number of shuttered banks as it continues to rid the industry of weak players.
The closed rural bank was placed under the supervision of the state-run Philippine Deposit Insurance Corp. (PDIC).
The rural bank is owned by Emilio Macias II with 28.35 percent, Melba Macias with 16.69 percent, Caroline Ann Villa with 12.37 percent, Victoriano Tizon with 4.81 as well as Emilio Macias III, Lamberto Macias, Erwin Michael Macias, Edward Marck Macias, and Eileen Marie Pinili with 3.85 percent each.
Latest available records showed the Rural Bank of Siaton had 1,301 accounts with total deposit liabilities of P46.6 million.
PDIC assured depositors that all valid deposits would be paid up to the maximum deposit insurance coverage of P500,000.
The BSP is looking at consolidating the Strengthening Program for Rural Banks (SPRB) Plus and the Comprehensive Program for Rural Banks (CPRB) to entice mergers among smaller banks with the entry of stronger foreign banks into the country.
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