Saturday, December 13, 2008

Philippine Rural Bank Holidays and Closures by BSP

We love holidays where no school and office to report to but it's a different matter whan it's a bank holiday for your bank.

In these times, several rural banks, some of them part of the Legacy group were "padlocked and placed under receivership by the Philippine Deposit Insurance Corp" :

Rural Bank of ParaƱaque
Rural Bank of Bais (Negros Oriental)
Pilipino Rural Bank (PRBI Cebu)
Rural Bank of San Jose (Batangas)
Philippine Countryside Rural Bank Inc. (PCRBI)

Rural banks that have declared a bank holiday:

Dynamic Bank (Rural Bank of Calatagan)
San Pablo City Development Bank
Nation Bank (Bacolod City)
Rural Bank of Carmen (Cebu) Inc.
Rural Bank of Calatagan (Batangas) Inc. (now Dynamic Rural Bank)
Rural Bank of DARBCI Inc.
Rural Bank of Kananga (Leyte) Inc. (now First Interstate Rural Bank)
Rural Bank of Bisayas Minglanilla (now Bank of East Asia)

Rural Bank of Subangdaku (RBS Bank) said they suspended business but it was not a bank holiday.

Note that for depositors of the rural banks to get their money back, just wait for official announcements from the BSP and PDIC. Note that deposits are insured up to P250,000.00 per depositor.

Lastly, thise news shouldn't sow panic on the Philippine Banking industry-- most banks are stable and liquid -- and the things that struck US banks won't hit us since banks are too strict with creditors.

Isn't it too hard to get a loan here?

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