BSP orders closure of rural bank in Zambales

The Monetary Board ordered Rural Bank of San Marcelino in Zambales to stop doing business and be placed under liquidation, the second bank to receive such an order so far this year. | RonWDomingoINQ /PDI

Before the contagion, there were 11 banks ordered shut in in 2019; 12 in 2018; six in 2017, and 22 in 2016.

The threshold for rural banks was raised to P50 million from P10 million, and the affected entities were given five years to comply.

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