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Philippines: Bangko Sentral issues clarification on banks placed under PDIC receivership.
Section: Business News - The Bangko Sentral ng Pilipinas (BSP) on Friday (December 12, 2008) added three more banks which unilaterally declared bank holiday under receivership of the Philippine Deposit Insurance Corporation (PDIC). The three are: 1. Bank of East Asia based in Cebu; 2. First Interstate Bank based in Tacloban; and 3. Philippine Countryside Rural Bank based in Cebu This brings the number of banks placed by the Bangko Sentral under PDIC receivership this week to seven.
The seven are part of a group of banks that obtained from the Regional Trial Court (June 2008) a Temporary Restraining Order and Injunction, which was affirmed by the Court of Appeals (30 …
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