Exportbank ordered closed by BSP

As of 9am this morning, the main office and branches of Exportbank has remained closed. According to a news item by GMA news, BSP has ordered its closure due to the commercial bank’s inability to meet its obligations as they become due, insufficient realizable assets to meet its liabilities and its inability to continue business without involving probable losses to its depositors or creditors.

In light of this, the Bangko Sentral ng Pilipinas said Friday the country’s banking system remains strong and well-capitalized.

The PDIC said all depositors of the bank with deposits worth P10,000 or below may expect to have their deposits returned to them starting May.

Under PDIC rules, deposits of such amount are automatically returned.

Deposits worth P10,000 and below account for 62 percent of total deposits to EIB, according to PDIC.

For deposits worth at least 10,000, insurance claim must be filed. Under the law, deposits worth P500,000 and below are covered by deposit insurance.

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