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Chats and conversations

By Tony Samson

CHAT GROUPS usually have a common bond. They are members of a civic club, homeowners’ association, alumni group, or family (one side of it). The chat is a way of keeping in touch, disseminating news (like meetings and required costumes), as well as sharing posts, which include homilies, jokes, cartoons, and fake news on prophecies of future eruptions and the spread of a virus — decimating half of the world’s population.

Is chatting the same as a conversation?

Before digital exchanges of thoughts and opinions, which is how a conversation is defined, there was the physical setting of being in the same room, taking turns to speak up — can we hear from the gentleman in the crimson cape?

Conversations in business conferences can involve strangers (Do you have a calling card?) and limited by proximity. The search for a familiar face can entail tearing out place cards from their taped positions and appropriating an empty seat in another table. (Sir, your number is the one near the washroom.) The randomly tabled conversation-mates may have little to say to each other, limiting themselves to small talk like the phase-out of jeepneys and the effect of the virus on cruise ships.

Corporate meetings are not conversations. There’s little give and take or jumping from one topic to another. Meetings involve an agenda and a series of presentations by designated resource speakers. Even the pre-meeting conversation over coffee is not as freewheeling as it looks. There may be some lobbying going on prior to a proposal to be taken up. The casual conversation ends abruptly — can we start the meeting?

The hierarchy for turn-taking is observed. The rule is simple: never interrupt someone who outranks you. (A client, even with a lowly rank, tops the service provider regardless of his exalted title.) When a CEO is talking, even if only commenting on the state of national badminton, lower life forms need to just listen, and continue patting butter on their soft rolls and nod.

Do status rules apply in chat groups?

The chat is a free-for-all forum. Anyone in the group can jump in and post without waiting for others to stop typing. There is no such thing as hogging a conversation as the posts can be as lengthy as they need to be (or do not need to be). They don’t have to be original thoughts and include opinions from the empire of fake news. They just pop up in sequence.

Everyone in the chat is part of the conversation. Woe to the one who forgets who’s in the thread and talks about that person thinking he is not part of the group. And opinions can be forwarded to others not in the group, especially personalities mentioned in passing or holding views being excoriated. Someone not in the group can jump and crash into a discussion.

What about offensive material? The capacity to be offended varies with each person. Praising one public figure too fulsomely may offend those who puke at the mention of his name. An online “word war” takes off. Cooler heads chime in or people just opt out and meditate on their belly buttons in private. (No videos please.)

Only for greetings on birthdays and occasions like People Power Day or Ash Wednesday does everyone chime in. The same goes for good wishes for ailing chat-mates — hope the lump in your groin is just a cellphone.

Unlike in real conversations where an offended party calls attention to himself when he huffily walks out, chatters simply exit without drama.

So, a chat is not quite a conversation. There are no clues on emotional impact and reactions in the body language. Squirming in the seat, cringing at somebody’s peroration, rolling of eyes, raising of eyebrows (just one or both), and simply being quiet when the conversation is in full throttle are missed out in the chat.

Somebody who hardly chimes in is still part of the chat group. He just has nothing to say or has had enough of the brown stuff being flung around in every direction. He can decide to stay clear or throw some of his own. Some consider it a sport.

Chats and conversations are the same in one aspect. They are easy to start as well as end. In both cases expletives are hard to delete or take back after they’ve been posted. In digital conversations, prolonged silence is called ghosting… and can be just as haunting.

 

Tony Samson is Chairman and CEO, TOUCH xda.

ar.samson@yahoo.com

Stocks tumble 2.6% amid investor fears

THE main index fell by 2.6% on Friday to close the week in the negative territory as investors moved to keep their investments safe.

The 30-member Philippine Stock Exchange index (PSEi) dropped by 179.93 points to end the session at 6,787.91, while the broader all-shares index decreased by 85.35 points or 2.1% to 4,064.32 at the close.

Manuel Antonio G. Lisbona, president of PNB Securities, Inc., said local stocks fell because investors tried to safeguard their investments.

“The market broke below the 6,800 support level today, as investors rushed to preserve their capital,” Mr. Lisbona said.

Philstocks Financial Inc. Research Associate Claire T. Alviar said the market’s decline was a result of the fears among investors over the impact of the coronavirus (COVID-19) outbreak.

“Today’s drop mirrors the performance of the US markets as investors covered with fears over the impact of COVID-19 on the global economy,” Ms. Alviar said.

According to the latest situation report by the World Health Organization (WHO) on Thursday, up to 1,185 new cases of infected people were counted, increasing the total global number to 82,294 cases.

On Friday, most sectoral indices at the PSE fell, with mining and oil registering the biggest decline at 302.13 points or 4.5% to 6,451.44.

Ms. Alviar noted that the mining and oil index had the steepest drop because most of the mining companies are exporters.

“With lower growth outlook, demand for its exports would also decline and this results in lower earnings,” she said.

Property shrank by 103.92 points or 2.8% to 3,633.18; holding firms dwindled by 163.75 points or 2.4% to 6,627.08; financials declined by 64.52 points or 3.9% to 1,605.99; industrials waned by 79.69 points or 0.9% to 8,351.48; services fell by 30.17 points or 2.2% to 1,351.38

Ms. Alviar blamed the decline of the indices to the systemic risk in the market and external factors that corporations cannot control.

After the close of the trading day, decliners bested advancers, 160 against 50, with 36 names closing unchanged.

Net foreign selling increased to P4 billion from P1.4 billion on Thursday.

Among the companies that reported their full-year financial figures on Friday are SM Investments Corp., Belle Corp., Manila Water Co., Inc. and Philex Mining Corp.

PXP Energy Corp. reported a net loss attributable to equity holders of the parent firm of P272.1 million, bigger than the previous year’s P77 million. Consolidated petroleum revenues fell by 32.8% to P72.5 million resulting from slightly lower output and a 15% drop in crude oil price in a service contract, among others.

Manila Water posted a 16% decrease in 2019 net income to P5.5 billion, saying its performance was dampened by the impact of a regulatory penalty, a one-time bill waiver, and higher expenses caused by the water shortage in the first half.

Philex Mining registered P647.79 million in net loss attributable to equity holders of the parent firm in 2019, reversing the earlier year’s income of P608.46 million, the copper and gold producer’s financial report to the stock exchange shows. — Revin Mikhael D. Ochave

Palace extends public-smoking ban to vaping products

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Malacañang has formally banned public use of electronic cigarettes and other vapor products, the Department of Health (DoH) said Friday.

The DoH said that in Executive Order 106, dated Feb. 26, President Rodrigo R. Duterte expanded the ban on public smoking from tobacco products to Electronic and Non-Nicotine Delivery System (ENDS/ENNDS).

The new EO amends EO 26, issued May 2017, which originally imposed the ban on public smoking of tobacco products.

Mr. Duterte issued the new EO at the recommendation of the DoH, which found that ENDS/ENNDS, heated tobacco products (HTPs) and regular cigarettes expose users and bystanders to similar levels of risk for respiratory illness, cardiovascular disease, addiction and cancer, among others.

“These regulations were benchmarked against international standards for novel tobacco product regulation which signifies that we are committed to aligning our rules with meaningful public health policies that save millions of lives yearly,” Health Secretary Francisco T. Duque III said in a statement Friday.

The EO also imposes a ban on the manufacture, distribution, marketing or sale of unregistered or adulterated ENDS/ENNDS, HTPs and other tobacco products.

Such products must register with the Food and Drug Administration (FDA), while related devices are subject to standards set by the Department of Trade and Industry (DTI) and the FDA.

Industry participants are also required to secure a License to Operate from the FDA, and are banned from selling to or buying from persons below 21 years old, regardless of whether the transaction was entered into without knowledge of the other party’s age.

The EO banned advertiseing outside the premises of the point of sale and prescribes health warnings for the packaging.

Industry participants “have to be enrolled in a notification scheme for traceability. Heated tobacco and similar products must undergo pre-market approval and post-market surveillance to ensure compliance with updated product safety and marketing standards,” FDA Director Rolando Enrique D. Domingo said in the statement.

“We are committed to ensure that tobacco marketing is not aimed at children.” — Charmaine A. Tadalan

One-stop registration launched for single-person corporations

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THE government launched Friday its National Business One-Stop Shop (NBOSS), which offers end-to-end business registration for one-person corporations.

The Anti-Red Tape Authority (ARTA) and the Department of Information and Communications Technology (DICT) launched NBOSS at the Securities and Exchange Commission building in Pasay City.

The project consolidates the business-registration requirements of the SEC, Bureau of Internal Revenue (BIR), Social Security System (SSS), Philippine Health Insurance Corp. (Philhealth), and Home Development Mutual Fund (Pag-IBIG) for one-person corporations.

ARTA said in a statement that it hopes the program will improve the Philippines’ standing in the Starting a Business indicator of the World Bank’s Doing Business Report.

ARTA oversees national policy for reducing red tape and facilitating ease of doing business.

“In the 2020 Doing Business Report, the Philippines improved its ranking to 95th out of 190 economies from the 124th spot in 2019. The country, however, dropped to the 171st from the 166th in 2019 on the Starting a Business indicator. In order to address this slip in ranking, ARTA sped up the establishment of the NBOSS, among other initiatives,” the agency said.

NBOSS, ARTA said, promotes the use of electronic payment systems for registration and filing fees.

ARTA also said NBOSS will soon be made available in more locations.

World Bank urges conflict-affected countries to preserve poverty-reduction gains

THE World Bank said low and middle-income countries impacted by conflict and violence, including the Philippines, should invest in institutional reform to preserve any gains made in poverty reduction.

According to the bank’s Strategy for Fragility, Conflict and Violence 2020-2025 report published Thursday, “by 2030, up to two-thirds of the world’s extreme poor” will likely live in countries prone to fragility, conflict and violence (FCV).

“Fragile and conflict-affected situations take a huge toll on human capital, creating vicious cycles that lower people’s lifetime productivity and earnings and reduce socioeconomic mobility,” the bankr said in a statement Thursday.

In the Philippines, the report said around 62% of people in Mindanao have been impacted by conflict.

The World Bank considers the Philippines to be among those with subnational conflicts, which it said tended to happen in middle-income countries with “strong institutional capacity, regular elections and capable security forces.”

It said these types of conflict are usually linked to “a lack of political and economic inclusion and equity” as well as to perceptions of injustice.

The report said countries with subnational conflicts must develop “FCV awareness and training… to ensure that conflict and fragility issues do not become overshadowed by standard development interventions.”

“Without swift and effective action, FCV risks could both erode gains made in the fight against poverty and undermine the prospects for further progress,” it said.

The bank said that in order to avert full-blown crises, the root causes of conflict should be “proactively addressed,” citing issues like social and economic exclusion, climate change and demographic shocks.

“To end extreme poverty and break the cycle of fragility, conflict, and violence, countries need to ensure access to basic services, transparent and accountable government institutions, and economic and social inclusion of the most marginalized communities. These kinds of investments go hand in hand with humanitarian aid,” World Bank Group President David Malpass was quoted as saying in the statement.

The bank said long-term support will also help countries transition out of vulnerability, citing increased investment in small and medium enterprises, creating jobs to spur economic growth.

The World Bank’s proposed FCV strategy framework proposes measures for conflict-stricken countries to provide “effective and tailored support” to governments, the private sector and citizens.

In 2005, the World Bank established a $29 million Mindanao Trust Fund to support basic services to more than 650,000 beneficiaries in conflict-affected areas over 12 years.

Closed in 2017, the fund was followed by a $3-4 million grant from donor partners which supported a two-year follow-up project in 2018-2019. — Beatrice M. Laforga

ADB sets up Clark office to support bank-funded projects in Central Luzon

THE Asian Development Bank (ADB) said it set up a satellite office in Clark to support infrastructure projects it finances in Central Luzon.

In a statement Friday, the bank said the satellite office will serve as a hub for region for ADB-backed infrastructure projects under the government’s Build, Build, Build program.

“We have a large and growing portfolio of projects to strengthen road, rail, and other transport links in Central Luzon. This new office will further improve our coordination with government agencies, especially the Department of Transportation (DoTr), and support effective implementation of these important projects,” ADB Vice-President Ahmed M. Saeed was quoted as saying.

The Clark office will provide support for administering the $2.75-billion Malolos-Clark Railway Project, the largest project finance facility used by the bank so far.

Malolos-Clark, alongside the South Commuter Railway Project, which is also ADB-backed, are part of the proposed North-South Commuter Railway which will connect the New Clark City in Tarlac province and Calamba, Laguna via a 163-kilometer suburban railway network.

The Clark office will also support the Bataan-Cavite Bridge Project, the financing for which is being prepared.

“It will help ADB continue to provide transaction advisory services to the Bases Conversion and Development Authority as the agency develops New Clark City, a smart and liveable city designed to help ease traffic congestion around the national capital region of Metro Manila,” it said.

ADB is planning to lend a record $3.3 billion to the Philippines, around half of which will be used to fund infrastructure projects.

The Manila-based bank’s sovereign lending to the Philippines hit a record $2.5 billion in 2019, against $1.4 billion a year earlier. — Beatrice M. Laforga

Palay farmgate prices rise in mid-Feb.

THE average farmgate price of palay, or unmilled rice, rose 0.2% week-on-week to P16.00 per kilogram in the second week of February, bringing the grain to a 18.5% price decline year-on-year, the Philippine Statistics Authority (PSA) said.

In its weekly update on palay, rice, and corn prices, the PSA said however that the average wholesale price and retail price of well-milled rice (WMR) fell 0.2% week-on-week to P37.06 and P41.22 respectively.

The average wholesale price of regular-milled rice rose 0.2% week-on-week to P33.02 per kg, while the average retail price was flat at P36.33 per kg.

Average farmgate prices reflect the prices paid by all traders to farmers for their harvest, which typically comes in unmilled form. At P16, the indicator remains well below the P19 support price offered by the National Food Authority (NFA), the government’s grains procurement agency.

The Rice Tariffication Law, which passed in the wake of the 2018 inflation crisis caused in part by limited supplies of subsidized rice for the poor, removed restrictions on rice imports, which were charged tariffs of 35% if from Southeast Asia. The law also stripped the NFA of its importing function, while giving it marching orders to focus on procurement from domestic farmers.

The NFA has limited funds or warehouse space to buy or store the entire domestic harvest, leaving farmers to sell much of the crop to private traders, whose bargaining power over the farmers has grown due to the availability of imported inventory. In some provinces, private traders have been reportedly making offers to buy palay for less than P10, severely depressing farmer incomes.

The average farmgate price of yellow corn grain fell 1% week-on-week in the second week of February to P12.44 per kg. It was down 9.7% year-on-year.

The wholesale and retail price of yellow corn grain fell week-on-week by 2.4% to P21.54 per kg and 1.6% to P24.87 per kg respectively.

The average farmgate price of white corn grain fell 0.9% week-on-week to P13.36 per kg, and was down 6.7% year-on-year.

The average wholesale price of white corn grain fell 6.8% week-on-week to P15.48 per kg while the retail price fell 0.9% to P26.72. — Revin Mikhael D. Ochave

Security Bank net profit up 17% in 2019 as retail lending surges

SECURITY BANK Corp. said net profit rose 17% in 2019, amid wider margins and robust growth in retail lending, alongside gains in lending operations overall.

Net profit was P10.1 billion, it said in a filing with the bourse Friday.

Revenue grew 33% to P33.9 billion, buoyed by sustained growth in income from core businesses.

Net interest income rose 29% to P26.8 billion. Meanwhile, the net interest margin in 2019 improved by 66 basis points (bps) to 3.93%.

The bank said net interest income rose 43% to P22.5 billion, backed by sustained growth in retail loans and low-cost deposits.

Total loans grew 9% to P456 billion while low-cost deposits rose 19%, accounting for 45% of total deposits, up from 38% in 2018.

Retail loans grew 56%, expanding their share of the loan portfolio to 29% from 20% in 2018.

Wholesale loans declined 2% as loan demand leveled off as the bank maintained pricing discipline.

Security Bank said the net interest spread between loans and deposits and peso bonds in 2019 rose 112 bps year-on-year to 5.53% in 2019.

Meanwhile, service charges, fees, and commissions rose 40% to P4.1 billion.

“Fee income was driven by credit cards, loan fees, deposit charges and bancassurance,” the bank said.

Securities trading gains rose 320% to P1.5 billion. Overall non-interest income rose 49% to P7.1 billion.

Operating expenses grew 18% following a 13% rise in manpower costs.

Security Bank said headcount rose by 722 to 6,625 to “support growth of the retail banking business and transformation of the bank’s infrastructure, processes and culture.”

The bank’s cost-to-income ratio net of gross receipts and documentary stamp taxes (GRT and DST) was at 42.2%, against 47.5% in 2018.

Including GRT and DST, the cost-to-income ratio improved to 51.1% from 53.9% in 2018.

The return on shareholder equity rose to 8.9% from 8.1% in 2018.

In 2019, Security Bank set aside P4.2 billion as provisions for possible credit losses, significantly larger than the P714 million worth of provisions in 2018, amid “the rapid growth in retail loans and provisions for selected commercial sectors.”

The bank’s non-performing loans (NPL) totaled P5.3 billion at the end of the year from P6.5 billion at the close of the third quarter, bringing the gross NPL ratio to 1.17%, which is below the 2.09% industry average.

Security Bank said its NPL reserve cover was 106% in 2019, against 111% a year earlier.

The liquidity coverage ratio was 115% and the net stable funding ratio 113%, both above the regulatory minimum of 100%. The capital adequacy ratio was 17.9%, against 18.7% a year earlier.

Its Common Equity Tier 1 Ratio was 16.9% in 2019, against 16.4% in 2018.

Total deposits rose 2% to P499.6 billion.

In 2019, the bank issued P8.37 billion worth of long-term negotiable certificates of deposit and P18 billion worth of peso corporate bonds to diversify its funding base, extend the tenor of its liabilities and support expansion.

In the fourth quarter, net profit rose 16% year-on-year to P2.4 billion. The result for the period was down 12% against the third quarter due to higher provisions for credit losses.

During the quarter, revenue rose 43% year-on-year to P9.8 billion.

Net interest income rose 44% year-on-year to P8 billion, with net interest income growing 50% to P6.6 billion.

The net interest margin in the fourth quarter rose 114 basis points year-on-year to 4.52%.

Service charges, fees and commissions grew 28% to P1.2 billion.

Excluding GRT and DST, operating expenses rose 21% year-on-year. Including GRT and DST, they grew 24%.

During the quarter, the provision for credit losses was P2.4 billion, up from P487 million a year earlier.

On Friday, Security Bank closed at P154.40, down 5.80%.

China Bank 2019 net profit up 24% at record P10.1 billion

CHINA BANKING Corp. said 2019 net profit grew 24% to record levels following what it described as “sustained, robust growth” in its core businesses.

In a filing with the stock exchange Friday, the lender said net earnings rose 24% year-on-year to P10.1 billion, a performance which also saw an ”improved” return on equity to 11.04%, with the return on assets at 1.10%.

“Our financial performance exceeded our projections and puts China Bank… in a better position to meet the opportunities and challenges ahead,” its President William C. Whang said in a statement.

Net interest income grew 14% to P26.1 billion, while fee-based income rose 49% to P8.4 billion.

The loan portfolio grew 13% to P578 billion, amid higher demand across all segments. The consumer loan portfolio rose 23% to P107 billion.

The non-performing loan (NPL) ratio was 1.5% with provision coverage for NPLs at 129%.

Meanwhile, deposits grew 7% to P775 billion.

“The bank’s successful fund-raising via the issuance of P30 billion in retail bonds and $150 million in IFC (International Finance Corp.) green bonds also helped improve the bank’s funding flexibility in 2019,” China Bank, which is celebrating its hundredth year in business this year, said.

In 2019, operating costs rose 13% to P20.3 billion amid an ongoing revamp of systems, processes, infrastructure, and manpower.

“With the significant increase in operating income, cost-to-income ratio improved to 59% from 63%, even as the bank continued to invest heavily in the needed improvements to provide the best service to customers,” it said.

Total capital rose 9% year-on-year to P96 billion. Meanwhile, capital adequacy ratios remained above minimum regulatory levels with the common equity tier 1 ratio at 12.8% and total capital adequacy ratio at 13.7%.

In 2019 China Bank undertook a P30 billion maiden peso fixed-rate bond isse which was six times oversubscribed.

China Bank Capital, its investment banking unit, took part in almost 50 deals worth P553 billion and $1.3 billion.

China Bank closed at P24.75 Friday, down 0.2%. — Luz Wendy T. Noble

DBP 2019 net profit rises amid strong infrastructure lending

BW FILE PHOTO

DEVELOPMENT BANK of the Philippines (DBP) said net profit rose 5.94% to P6.06 billion in 2019 after exceeding its loan approval target, with much of its financing going to infrastructure projects.

In a statement Friday, DBP President and CEO Emmanuel G. Herbosa said the bank realized “healthy returns (from) its lending and investment activities,” with interest income growing 27.64% to P29.64 billion.

The state-owned bank’s total loan portfolio grew 25.88% to P414.06 billion last year.

DBP said infrastructure and logistics loans totaled P164.8 billion, while those issued to social services projects P71.2 billion. It extended P27.8 billion worth of loans to the micro, small and medium enterprises (MSME) sector and P44.3 billion to environmental projects.

The bank’s mandate is to provide credit to sectors deemed strategic by the government.

Mr. Herbosa said the bank exceeded by a wide margin its P75-billion target for loan approvals in 2019, approving P133.1 billion worth of loans.

“DBP boosted its lending activities in 2019, in support of the national government’s goal of increasing investments in the infrastructure sector, so as to further build up the economy and promote inclusive growth especially in areas outside of traditional urban centers,” he was quoted as saying in the statement.

The bank’s deposits totaled P554.63 billion in 2019, up 16.9%, while its net worth was P60.29 billion at the close of the year.

Deposits by public-sector entities amounted to P408.72 billion.

Assets totaled P762.17 billion in 2019, growing 13.83%.

The bank has 129 branches, 11 branch-lite units and 836 automated teller machines.

DBP is the Philippines’ eighth-largest bank by assets. — Beatrice M. Laforga

Gov’t-issued credit guarantees P216 billion after 2019 mergers

THE national government’s total credit guarantee portfolio was P216 billion in 2019 after five agencies with guarantee functions consolidated into a single fund run by Philippine Guarantee Corp. (Philguarantee).

In a statement Friday, the Department of Finance (DoF) said this year Philguarantee will have an estimated P241 billion worth of guarantees in its porfolio this year, with P220 billion for the housing sector, P6 billion for agriculture and P15 billion for the corporate sector, including small and medium enterprises (SMEs).

In a report to Finance Secretary Carlos G. Dominguez III, Philguarantee said the consolidation last year pooled P55.5 billion worth of assets, with its equity and investment funds valued at P24.5 billion and P28 billion, respectively.

It collected P37.2 million worth of non-performing loans and sold off P291.76 million worth of non-performing assets

Philippine Export-Import Credit Agency (PhilEXIM) merged in 2019 with the Home Guaranty Corp. The guarantee functions, programs and funds of the Small Business Corp. (SB Corp.) and the administration of the Agricultural Guarantee Fund Pool and the Industrial Guarantee and Loan Fund were also transferred to PhilEXIM, which is now called Philguarantee.

An Executive Order issued by President Rodrigo R. Duterte in 2018 which became effective in Aug. 31, 2019, required government-run guarantee firms to merge and transfer their functions and assets to a single entity.

Philguarantee said it hopes to widen credit guarantee support to “priority sectors of manufacturing, export, infrastructure, renewable energy and energy efficiency projects and commercial agriculture projects; as well as to SMEs; low-cost, socialized and medium-cost housing developers; and small farmers and fisherfolk.”

Philguarantee President Alberto E. Pascual said the company has been granting credit guarantee facilities to lending institutions such as universal, commercial, savings and rural banks, and cooperatives, non-government organizations and associations of farmers.

“We also expect additional credit guarantees to be generated in 2020 with the designation of PhilGuarantee as program administrator for the World Bank’s Clean Energy Fund/Philippine Renewal Energy Development Project and the transfer of P800 million from the Electric Cooperative-Partial Credit Guarantee Program from the LGU Guarantee Corp. (LGUGC),” Philguarantee said in the report.

Among its priorities this year are to continue implementing the post-merger process initiatives and projects, to resolve and dispose of major non-performing assets and settle outstanding payables, and improve risk management. — Beatrice M. Laforga

BSP orders Cagayan rural bank to close

THE Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) ordered the closure of Providence Rural Bank, Inc., which is based in Cagayan Province, and directed the Philippine Deposit Insurance Corp. (PDIC) to take over the institution.

In a statement Friday, PDIC said MB Resolution No. 291.B dated Feb. 27, bars Providence Rural Bank from operating further.

PDIC said the resolution also ordered the insurer to take over and proceed with the liquidation of the rural bank starting Friday, Feb. 28.

According to BSP data, the rural bank had 2,431 deposit accounts at the end of last year, with P33.4 million worth of deposits. Some 92.99% or P31.06 million are insured.

“PDIC assured depositors that all valid deposits and claims shall be paid up to the maximum deposit insurance coverage of P500,000.00,” it said.

Providence Rural Bank. is a single-branch bank located in Camalaniugan, Cagayan. — Beatrice M. Laforga