BSP closes Misamis rural bank

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has shut down the Rural Bank of Oroquieta (Misamis Occidental) Inc., placing it under the receivership of the Philippine Deposit Insurance Corp.

This is the seventh bank closed this year. The PDIC took over the rural bank last July 22.

Available data, according to PDIC, show that the rural bank had 6,622 accounts with total deposits of P206.9 million, of which 98.8 percent (6,542) have balances of P500,000 or less and are fully covered by deposit insurance.