Banco Filipino Branches Closed For “Bank Holiday”

Source: <Posted at 03/15/2011 2:51 PM | Updated as of 03/15/2011 2:51 PM>

MANILA, Philippines – Several branches of Banco Filipino on Tuesday said they were closed for a bank holiday.

A person in one branch said management is “fixing something with the BSP [Bangko Sentral ng Pilipinas].” Banco Filipino officials couldn’t be reached for comment.

Banco Filipino has been seeking P25 billion in rehabilitation assistance and P19 billion in damages from the central bank for the 1985 closure that the Supreme Court said was illegal.

Bangko Sentral Governor Amando Tetangco and two deputy governors didn’t immediately reply to text messages seeking a statement.

Spokeswoman Fe dela Cruz said a statement would be forthcoming.

In a separate development, Banco Filipino’s thinly traded stock was delisted by the stock exchange last week, together with four other companies, for failure to submit regular reports. ANC Business


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  1. abuse of authority by Bangko Sentral Gen Manager and Monetary Board, read more of it in the news paper, and they are forcing BF to close and sell its assets because a third party is interested and they get a share of it.

    1. @nujmape — we read and hear and watch confusing versions. my heart goes to the depositors who have to endure the waiting period of getting back their hard-earned money…

  2. this is because we never really learned, the always one manifestation that a bank is on its way to closure is when its offering services way beyond the industry is supposed to be offering
    seth´s newest blog post post ..Choosing Your Bank

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