PDIC to pay insured deposit claims of foreclosed bank in CDO

PDIC to pay insured deposit claims of foreclosed bank in CDO

MANILA, April 29 –The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited Palm Tree Bank, Inc. from doing business in the Philippines through MB Resolution No. 482.A dated April 22, 2021, which also directed the Philippine Deposit Insurance Corporation (PDIC), as Receiver, to proceed with the takeover and liquidation of the bank.