Banco Filipino Savings and Mortgage Bank (), or simply Banco Filipino, was a

savings and loan association A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. The terms "S&L" or "thrift" are mainly used in the United States; simi ...

based in the

Philippines The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no), * bik, Republika kan Filipinas * ceb, Republika sa Pilipinas * cbk, República de Filipinas * hil, Republ ...

. It is also known for property developments such as BF Homes, subdivisions in

Caloocan Caloocan, officially the City of Caloocan ( fil, Lungsod ng Caloocan; ), is a 1st class highly urbanized city in Metropolitan Manila, Philippines. According to the 2020 census, it has a population of 1,661,584 people making it the fourth-most ...

Quezon City Quezon City (, ; fil, Lungsod Quezon ), also known as the City of Quezon and Q.C. (read in Filipino as Kyusi), is the most populous city in the Philippines. According to the 2020 census, it has a population of 2,960,048 people. It was fou ...

, Parañaque, and

Las Piñas Las Piñas, officially the City of Las Piñas ( fil, Lungsod ng Las Piñas), is a 1st class highly urbanized city in the National Capital Region of the Philippines. According to the 2020 census, it has a population of 606,293 people. Las Piñas ...

. The

Bangko Sentral ng Pilipinas The Bangko Sentral ng Pilipinas (; commonly abbreviated as BSP in both Filipino and English) is the central bank of the Philippines. It was established on July 3, 1993, pursuant to the provision of Republic Act 7653 or the New Central Bank Ac ...

ordered the bank's closure on March 17, 2011, and placed it under the receivership of state-run

Philippine Deposit Insurance Corporation The Philippine Deposit Insurance Corporation ( fil, Korporasyon ng Segurong Deposito ng Pilipinas, abbreviated as PDIC) is a Philippine government-run deposit insurance fund. It was established on June 22, 1963, by Republic Act 3591. It guarant ...

(PDIC), saying its liabilities topped its assets by P8.4 billion. The slogan of Banco Filipino is ''Subok na Matibay, Subok na Matatag'' (English: Proven to be Stable, Proven to be Strong).

2011 closure

Banco Filipino was closed by the

by claiming that Banco Filipino has exceeded its assets with 8.4 billion pesos worth of liabilities which is against Philippine law which states that a bank's assets must equal or be in excess of its liabilities. However, Banco Filipino claims that it had 31.4 billion worth of properties and 23.8 billion pesos worth of liabilities leaving the savings and mortgage bank with 1.6 billion pesos of positive assets showing that its assets are more than its liabilities which could have been used in its planned rehabilitation. Meanwhile, the

(PDIC) revealed that Banco Filipino depositors whose accounts had at least P10,000 when the bank went on a holiday would be getting paid starting June 2011. Cristina Orbeta, executive vice president of the PDIC, said the PDIC has settled 53 percent of the closed bank's deposit liabilities, which contained P5,000 or less in their accounts at the time of closure.

References

External links

Official website
on the

Internet Archive The Internet Archive is an American digital library with the stated mission of "universal access to all knowledge". It provides free public access to collections of digitized materials, including websites, software applications/games, music, ...

{{Authority control Banks of the Philippines 1964 in the Philippines Banks established in 1964 Companies based in Makati Banks disestablished in 2011 Bank failures 2011 disestablishments in the Philippines

2011 closure

See also

References

External links