The bank holiday declaration of 3 rural banks came to a surprise from its disgruntled depositors. The Pilipino Rural Bank in (PRB) in Mandaue City, Philippine Countryside Rural Bank (PCRB) in Consolacion and the Rural Bank of Parañaque simultaneously declared their respective holidays. The Bangko Sentral ng Pilipinas (BSP) is now investigating the 3 banks on what caused the holiday. It also suspected that the 3 banks are being owned by same person and that it maybe involved in a sort of pyramiding scam.
I really can’t help but pity those depositors who now may find a hard time getting back their hard earned money especially now that holidays is nearing. If ever those depositors will be able to get hold of their monies again with the help of Philippine Deposit Insurance Corporation (PDIC) I guess the process will not be that easy and fast. In this kind of occurrence, the government may find it hard to convince people to save to rural banks in fear of what happened.
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