Two rural banks closed in April

The Bangko Sentral ng Pilipinas closed two small banks in April due to insolvency and placed them under the receivership of Philippine Deposit Insurance Corp. The Monetary Board, the policy-making body of the central bank, ordered the closure of the Rural Bank of Silang (Cavite) on April 3 and the People's Rural Bank of Binmaley (Pangasinan) on April 17, bringing to five the number of banks it had closed this year to five. Moody's Investors Service in February said improvements in the Philippine economy had lessened the downward pressure on domestic banks but warned that credit risks were likely to remain high.

in Manila Standard Today by Eileen A. Mencias
May 3, 2008
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