The Bangko Sentral ng Pilipinas (BSP) has closed down the operation of Cooperative Bank of Bohol in a Monetary Board Resolution No. 818 approved on July 18, 2024.
The BSP did not disclose the reason for the bank closure.
Based on a circular letter, BSP Deputy Governor Chuchi G. Fonacier said “notice is hereby given” that an approved resolution has decided to “prohibit Cooperative Bank of Bohol from doing business in the Philippines pursuant to Section 30 of the Republic Act No. 7653 (The New Central Bank Act) as amended”.
“The Philippine Deposit Insurance Corporation has been designated as Receiver with a directive to proceed with the takeover and liquidation of the aforementioned cooperative bank in accordance with Section 12 (a) of R. A. No. 3591 (PDIC Charter) as amended. For information and guidance,” said Fonacier.
PDIC is the state deposit insurer mandated to protect depositors through deposit insurance of up to P500,000 per depositor, per bank.
Banks ordered closed by the BSP’s Monetary Board are placed under PDIC receivership and their depositors paid up to the maximum coverage.