Depositors of shuttered Bohol bank left hanging
TAGBILARAN CITY—Depositors of the first cooperative bank in Central Visayas region, which was closed by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) on July 19, have been left hanging as they await word on how they will get their money back.
A depositor who asked to be identified in this report only as Jane said she tried to send inquiries to the official Facebook page of the Cooperative Bank of Bohol (CBB) but the account had already been deactivated.
“There was no explanation from the bank,” she said.
Jane, a depositor for 20 years, said she was clueless why the BSP ordered the bank’s closure. The Monetary Board earlier issued a resolution prohibiting CBB based in the capital city of Tagbilaran from doing business pursuant to Section 30 of Republic Act No. 7653 or The New Central Bank Act.
The reason behind the bank’s closure was not declared. The Philippine Deposit Insurance Corp. (PDIC) was ordered to take over CBB and act as receiver with a directive to proceed with the takeover and liquidation of the bank.
CBB also operated branches in the towns of Panglao, Candijay and Inabanga.
PDIC took over the closed bank, its assets, records and affairs on July 19.
In a statement, the Bohol Bankers Association (BBA) said it could not comment on the status, causes or specific issues related to the receivership.
“However, we are hopeful that the current challenges they face will be resolved promptly. We urge the public to remain calm and refrain from speculation,” it said.
The PDIC advised borrowers of CBB that they were under obligation to pay their loans “notwithstanding the closure of the bank.”
It reminded them to transact only with designated PDIC representatives. “The PDIC encouraged borrowers of the bank to settle their loan obligations by availing of the incentives under the enhanced PDIC Closed Bank Loan Incentive Program,” it added.
PDIC said its latest records showed that as of March 31, CBB had 6,290 deposit accounts with total deposit liabilities of P467.2 million, of which 45.3 percent or P211.4 million are insured deposits.
The PDIC assured depositors that all valid deposits and claims would be paid up to the maximum deposit insurance coverage of P500,000 per depositor.
CBB, formerly Cooperative Rural Bank of Bohol Inc., was registered with the Bureau of Cooperatives Development on April 24, 1980.
