BSP orders closure of Rural Bank of Tibiao (Antique) Inc.

The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) has shut the Rural Bank of Tibiao (Antique) Inc., with total deposit liabilities of over P30 million.

In a statement on Monday, the Philippine Deposit Insurance Corporation (PDIC) said it took over the local bank last Friday, March 6.

Located along Gov A.T Lim Avenue, Poblacion in Tibiao, Antique, the Rural Bank of Tibiao has 969 deposit accounts with total deposit liabilities of P30.35 million.

Of the total, 99.36% or P30.16 million are insured deposits.

"(A)ll valid deposits and claims shall be paid up to the maximum deposit insurance coverage of P500,000.00," said the PDIC.

Individual account holders of valid deposits with balances of P100,000 and below do not need to file deposit insurance claims, provided that they have no outstanding obligations.

They will be given until Thursday, March 12, to update their mailing address with the PDIC.

Meanwhile, the PDIC said it will announce the schedule for the filing of claims for businesses and all other depositors required to file claims for insurance at a later date. —Jon Viktor Cabuenas/KG, GMA News