Export and Industry Bank Inc (EIB) is now on a bank holiday, following its "inability to meet its obligations," the Bangko Sentral ng Pilipinas said Friday.
In a statement, BSP said the Monetary Board has placed EIB "under receivership" for its inability to further operate "without probable losses to its depositors or creditors."
EIB has already agreed to "surrender" its operations to the BSP, the central bank added.
BSP said the Philippine Deposit Insurance Corporation (PDIC) is ready to "service valid deposit claims from depositors of EIB," as well as to process claims the soonest possible.
BSP also allayed fears of PH banks' stability amid EIB's closure, noting that the entire banking system "remains sound and stable with ample liquidity and high level of capitalization."
"The closure of EIB is not expected to adversely affect the Philippine banking system considering its relatively small size. Its total assets is equivalent to only about 0.3% of the total assets of the banking system," BSP added.
The US Pacific Command has banned its troops in the Philippines from bars and nightclubs, a spokesman said Saturday, with the trial under way of a US Marine accused of murdering a transgender Filipina he met in a bar. Thousands of American and Filipino soldiers will on Monday kick off 10-day annual military excercises, according to Captain Alex Lim, a spokesman for the US forces, but there will be strict controls on their free time. Lim would not say why the restrictions were imposed but …