The Rural Bank of San Marcelino Inc. in Zambales has been shut down by the Bangko Sentral ng Pilipinas (BSP), the second rural bank closed by the central bank this year.
The Bangko Sentral ng Pilipinas (BSP) has closed the Rural Bank of San Marcelino Inc. in Zambales, marking the second rural bank closure by the central bank in the current year.
The Philippine Deposit Insurance Corp. (PDIC) will be responsible for the takeover and liquidation of the bank, in accordance with Republic Act 3591 or the PDIC Charter. The charter states that banks placed under liquidation can no longer resume operations and banks closed by the Monetary board cannot be rehabilitated.
The closure of the Rural Bank of San Marcelino follows the shutdown of the Rural Bank of San Agustin (Isabela) last month.
