Banco Filipino

Banco Filipino Savings and Mortgage Bank
Public (PSE: BF)
Industry Finance and Insurance
Founded Manila, Philippines (1964)
Defunct 2011
Headquarters Makati, Philippines
Key people
 Teodoro O. Arcenas, Jr., Chairman and President
Perfecto Yasay, Vice Chairman
Products Financial Services
Revenue P2.932 billion PHP (Increase37%) (2001)[1]
Number of employees
 unknown
Slogan Subok na Matibay, Subok na Matatag
Website www.bancofilipino.com

Banco Filipino Savings and Mortgage Bank (PSE: BF), or simply Banco Filipino, was a savings and loan association based in the Philippines. It is also known for property developments such as BF Homes, subdivisions in Parañaque, Quezon City and Las Piñas. The Bangko Sentral ng Pilipinas ordered the bank's closure on March 17, 2011 and placed it under the receivership of state-run Philippine Deposit Insurance Corporation (PDIC), saying its liabilities topped its assets by P8.4 billion.

2011 closure

Banco Filipino was closed by the Bangko Sentral ng Pilipinas by claiming that Banco Filipino has exceeded its assets with 8.4 billion pesos worth of liabilities which is against Philippine law which states that a bank's assets must equal or be in excess of its liabilities. However, Banco Filipino claims that it had 31.4 billion worth of properties and 23.8 billion pesos worth of liabilities leaving the savings and mortgage bank with 1.6 billion pesos of positive assets showing that its assets are more than its liabilities which could have been used in its planned rehabilitation.

Meanwhile, the Philippine Deposit Insurance Corporation (PDIC) revealed that Banco Flipino depositors whose accounts had at least P10,000 when the bank went on a holiday would be getting paid starting June 2011.

Cristina Orbeta, executive vice president of the PDIC, said the PDIC has settled 53 percent of the closed bank's deposit liabilities, which contained P5,000 or less in their accounts at the time of closure.[2][3]

See also

References

  1. ↑ "Message from the Chairman". BancoFilipino.com. Archived from the original on February 11, 2010. Retrieved January 14, 2014.
  2. ↑ "Banco Filipino says it has P31.4 B assets for rehab". Yahoo! News, GMA News Online. Yahoo! News Network. May 17, 2011. Retrieved January 14, 2014.
  3. ↑ "BSP orders Banco Filipino closed, placed under PDIC receivership". GMA News Online. GMA Network. March 17, 2011. Retrieved January 14, 2014.

External links