Bangko Sentral ng Pilipinas

The Bangko Sentral ng Pilipinas (BSP) ordered yesterday the closure of Banco Filipino Savings and Mortgage Bank of the Aguirre family for insolvency after its liabilities overwhelmed its assets by P8.4 billion, prompting monetary authorities to prepare charges against the board of directors and officials of the bank.
At a hastily called press conference, BSP Deputy Governor Nestor Espenilla Jr. said the central bank’s seven-member Monetary Board (MB) decided yesterday to place Banco Filipino under the receivership of the state-run Philippine Deposit Insurance Corp. (PDIC).

Espenilla pointed out that Banco Filipino has insufficient realizable assets to meet its obligations, with its net realizable value at -P8.4 billion.
“Banco Filipino cannot continue in business without involving probable losses to its depositors and creditors,” Espenilla stressed.

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