MANILA – The Monetary Board (MB) of the Bangko Sentral ng Pilipinas has ordered the closure of the Bangko Buena Consolidated Inc., which has been placed under receivership of the Philippine Deposit Insurance Corporation (PDIC).
This comes as the latest available records show that Bangko Buena had 9,845 deposit accounts with total deposit liabilities worth P271.8 million as of end-March 2018.
Meanwhile, total insured deposits amounted to P245.9 million, which accounted for 90.5 percent of total deposits.
Bangko Buena Consolidated is an eight-unit rural bank with its head office at #23 Valeria St. cor. Rizal St., Barangay Nonoy in the City of Iloilo.
It also has a branch each in Bacolod, Negros Occidental; Barotac Nuevo and Lambunao, Iloilo; Buenavista, Guimaras; Culasi and Pandan, Antique; and Dao, Capiz.
“[A]ll valid deposits and claims shall be paid up to the maximum deposit insurance coverage of P500,000.00,” the PDIC said in an emailed statement.
Clients of the bank with valid deposit accounts with balances of P100,000.00 or less will be eligible for early payment, and will not need to file deposit insurance claims.
“These individual deposits must ensure that they have completed and updated addresses with the bank,” the PDIC said.
For business entities and all other depositors who are required to file claims for deposit insurance, the PDIC said it will announce the schedule “as soon as possible” through posters in the bank premises and online. (GMA News)
