MANILA, Philippines - The Bangko Sentral ng Pilipinas has ordered the closure of the Rural Bank of Pres. M.A. Roxas (Zamboanga del Norte) Inc.
In Memorandum No. M-2014-013, the Monetary Board prohibited the rural bank from further doing business and placed its assets and affairs under the receivership of the Philippine Deposit Insurance Corp. (PDIC).
The Rural Bank of Pres. M.A. Roxas, established in 2000, provided microfinance products to give the poor access to credit, according to the Microfinance Council of the Philippines Inc. website.
The bank had six branches as of 2011 in Zamboanga del Norte, Zamboanga del Sur, Zamboanga Sibugay, and Misamis Occidental.
It is the fourth rural bank shut down this year.