The Bangko Sentral ng Pilipinas (BSP) has ordered the closure of Rural Bank of Tibiao Inc., a financial institution based in the municipality of Tibiao in Antique Province. The order was contained in Resolution 344 issued by the Monetary Board on March 5, 2020.

The closed bank was placed under the supervision of the state-run Philippine Deposit Insurance Corp. (PDIC) in accordance with Section 12 of RA 3591 of the PDIC charter as amended by RA 10846.

As of March 6, the rural bank has total deposit liabilities of over P30 million owned by 969 depositors.

“(A)ll valid deposits and claims shall be paid up to the maximum deposit insurance coverage of P500,000.00,” said the PDIC. The schedule for the filing of claims for businesses and all other depositors required to file claims for insurance will be announced at a later date.

Reference: PDIC