Savings bank

BSP closes Metro Cebu Public Savings Bank

The Monetary Board (MB) of Bangko Sentral ng Pilipinas (BSP) has banned Metro Cebu Public Savings Bank from doing business in the Philippines.

In a statement sent, the MB also ordered the Philippine Deposit Insurance Corp. (PDIC), as receiver, to proceed with the takeover and liquidation of the bank through

MB Resolution No. 434.E of March 31, 2022.

The PDIC took over the bank on April 1, 2022.

Metro Cebu Public Savings Bank is a three-unit savings bank headquartered at 2/F Sia Bldg., N. Bacalso Ave., Brgy. Duljo (Pob.), Cebu City. Its branches are located in Lapu-lapu City, Cebu and Tabunok in Talisay, Cebu.

The latest records available show that as of December 31, 2021, Metro Cebu Public Savings Bank had 6,446 deposit accounts with total deposits of 225.9 million pesos, of which 78.4% or 177 million pesos are insured deposits.

The PDIC has assured depositors that all valid deposits and claims will be paid up to the maximum deposit insurance coverage of P500,000 per depositor. (KOC with PR)

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