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THE Monetary Board, the policy-making body of Bangko Sentral ng Pilipinas, closed another financially-ailing rural bank based in Camarines Sur, the fourth bank shut down since the start of the year .
State-run PDIC said in a statement Friday the Monetary Board prohibited Rural Bank of Ragay (Camarines Sur) from doing business in the Philippines. The board directed PDIC to proceed with the takeover and liquidation of the bank. PDIC took over the bank on April 21, 2017.
Rural Bank of Ragay is a two-unit rural bank with head office located at Tomas Delgado St. corner provincial road, Poblacion Ilaod, Ragay, Camarines Sur. Its lone branch is located in Del Gallego, Camarines Sur.
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