Latest News on Banco Filipino declaring Bank Holiday . Bangko Sentral ng Pilipinas (BSP) announced Inevitable Closure of Banco Filipino

Latest News on Banco Filipino declaring Bank Holiday . Bangko Sentral ng Pilipinas (BSP) announced Inevitable Closure of Banco Filipino : Banco Filipino is in trouble for the second time around. Bangko Central ng Pilipinas (BSP) / Central Bank of the Philippines finally announced that Banco Filipino is indeed in financial trouble and declared that closure is inevitable again. All 300 branches of Banco Filipino nationwide had been closed on Tuesday due to heavy withdrawals from its clients. Philipine Deposit Insurance Company (PDIC) has been ordered to takeover all branches of the bank following the closure order.

Banco Filipino Vice-Chairman Perfecto Yasay said in an interview that bank is not bankrupt and it has enough assets to cover or its liabilities. Yasay is blaming the closure to Bangko Sentral ng Pilipinas (BSP) for allegedly orchestrating smear campaigns as the “source of inaccurate and malicious imputations.” Meantime, The Bangko Sentral Pilipinas (BSP) is ordering Banco Filipino to explain their current status and address the complaints of depositors.
Banco Filipino is seeking financial assistance from the BSP to stabilize its cash flow amidst the heavy withdrawals. Officials of the bank claimed that they have not received any official word from the BSP despite the urgency of the situation and submitting sufficient collateral.
Meanwhile, Malacañang was saddened by this eventualities but acknowledged the troubles of Banco Filipino which beyond their control, and said it will leave it to the BSP to handle the problem.