Olongapo SubicBay BatangGapo Newscenter

Tuesday, June 05, 2007


The Bangko Sentral ng Pilipinas has closed Zambales-based Area Development Bank.

The Central bank also placed Area Development Bank under receivership of Philippine Deposit Insurance Corporation.

In a memorandum to banks and non-bank financial instutions, dated May 22 the central bank said the Area Development Bank was prohibited from doing business in the country.

The Monetary Board confirmed the closure resolution dated May 17.

Eileen A. Mencias - Manila Standard Today



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