THE BANGKO Sentral ng Pilipinas (BSP) has shut down a bank in Misamis Oriental after it was found unfit to remain in business. The Monetary Board has ordered the Rural Bank of Initao, Inc. to end its operations on April 30. The Philippine Deposit Insurance Corp. (PDIC) stepped in as receiver Wednesday, May 2, assuming the bank’s assets and will administer depositor payouts. The provincial lender holds P46.4 million deposits covering 1,476 accounts. Of the amount, P42.3 million are covered by deposit insurance. Bank deposits are insured up to P500,000 per depositor, according to the law. Rural Bank of Initao is the third to be ordered closed by the BSP this year, following the fate of the Batangas-based Empire Rural Bank and the Rural Bank of Loreto, Inc. in the Dinagat Islands. — Melissa Luz T. Lopez
