Another rural bank padlocked

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) has placed Rural Bank of Zapote (Las Piñas) under the receivership of the Philippine Deposit Insurance Corp. (PDIC) as of January 27. RB Zapote is a two-unit bank., located at Real St., Zapote, Las Piñas while its lone branch is found at Casimiro Commercial Bldg., Aguilar Ave., Talon, Las Piñas. Of Sept. 30, 2010, the bank had estimated total deposit liabilities of P536.65 million consisting of about 2,945 accounts. PDIC said it will start receiving claims on Wednesday, Feb. 16, 2011 until Feb. 18, 2011 at the bank’s premises. Filing, processing, and payment of claims will be conducted from March 28 to 31, 2011, also at the bank’s premises. All valid deposit insurance claims would be paid. The maximum deposit insurance coverage is P500,000.