BSP shuts down Polomolok rural bank

Bangko Sentral ng Pilipinas (INQUIRER FILE FPHOTO)

MANILA, Philippines — The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas (BSP), has ordered the closure of the Rural Bank of Polomolok in South Cotabato and placed it under liquidation, the eight rural bank to be shut down this year.

Earlier, the BSP sent out similar orders to seven rural banks operating in Nueva Ecija, Bulacan, Cebu, Leyte, Ilocos Sur, Laguna and Pangasinan.

The Polomolok bank has branches in Alabel and Maasim in Sarangani and in General Santos City.

The Philippine Deposit Insurance Corp. assumed receivership of the Polomolok bank on July 18.

In related developments, the BSP also imposed sanctions on two unregistered currency conversion providers or money changers in Pasay City.

According to the BSP, Feb Thirdy 1 Money Changer and Maruel Money Changer are disqualified from registering with and obtaining a license from the BSP. L

Last year, the BSP shut down 13 rural banks. Five rural banks were closed down in 2020, 11 banks in 2019; 12 in 2018; six in 2017, and 22 in 2016.

—RONNEL W. DOMINGO

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