2/12/2018

 

Banks Closed Down in 2018

closed banks

As of today, February 8, 2018, no Philippine bank has been closed down by the BSP since January 1, 2018. 

The programs of the BSP, PDIC and Landbank to strengthen rural banks must have helped. Their Consolidation Program for Rural Banks (CPRB) has been relaunched and will be available until October 26, 2019. It encourages rural banks which are located near each other to merge or consolidate and become stronger. They will be helped to improve their systems and processes.

It will be a great year for Philippine banking if no bank will be closed down in 2018. 


In 2017, only 7 banks failed. Six were rural banks and one was a thrift bank.

In 2016, a total of 23 banks stopped operating. 22 banks were closed down and one thrift bank voluntarily surrendered its banking license. Of the 22 closed down, 20 were rural banks and 2 were thrift banks.

It was Progress Savings and Loan Bank, which did business in Subic, Zambales, that asked the BSP to cancel its banking license. The two other savings banks that were closed were Comsavings Bank, also called GSIS Family Bank, previously located in the Ortigas Center, and Sampaguita Savings Bank, previously located in San Pedro, Laguna.

See lists of banks which were closed down by the BSP and taken over by the PDIC from the years 2000 to 2017.

Sad to find out, meron na palang na-closed on February 9, 2018.


1.  Rural Bank of Loreto (Surigao del Norte), Inc.
      - Head Office: Purok 1 , Brgy. San Juan
          San Jose, Dinagat Islands, Surigao del Norte      
      - Closed by the BSP on February 9, 2018
      - Taken over by the PDIC on February 14, 2018
      - Had 3 other banking offices in Dinagat Islands:
        - Cagdianao
        - Libjo (Albor)
        - Loreto
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