State-run Philippine Insurance Deposit Corp. (PDIC) took over the Rural Bank of Salcedo (Ilocos Sur) Inc. that was ordered close by the Bangko Sentral ng Pilipinas (BSP) last March 3.
PDIC took possession of all the assets, records, and affairs of Rural Bank of Salcedo last March 4.
Under Republic Act 3591 or the PDIC Charter, a bank placed under liquidation shall in no case be re-opened and permitted to resume banking business. It also expressly provides that banks closed by the Monetary Board shall no longer be rehabilitated.
This is the third rural bank ordered close by the BSP after the Rural Bank of San Lorenzo Ruiz (Siniloan) Inc. in February and the Rural Bank of San Nicolas (Pangasinan) Inc. in January.
