SP to Investigate Sudden Closure of Cooperative Bank of Bohol
The Sangguniang Panlalawigan (SP) of Bohol has announced plans to conduct a thorough investigation into the unexpected closure of the Cooperative Bank of Bohol (CBB), which has left thousands of depositors in limbo.
The probe comes several weeks after the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) ordered the bank’s closure and appointed the Philippine Deposit Insurance Corp. (PDIC) as receiver.
The sudden move has sparked widespread concern among depositors, who are now facing uncertainty about the fate of their deposits.
The investigation, to be led by the SP Committee on Trade and Industry, aims to uncover the reasons behind the bank’s closure and identify those responsible.
The probe is expected to take place in the first week of September 2024.
Depositors have been advised to file claims with the PDIC by August 30, 2024, in order to recover their deposits.
Under the PDIC’s deposit insurance program, depositors are entitled to recover up to P500,000 of their deposits, regardless of the amount they had deposited.
The Monetary Board has yet to disclose the reasons behind the closure, leaving both the PDIC and the public in the dark.
The lack of transparency has only added to the anxiety and uncertainty faced by depositors, who are now eagerly awaiting the outcome of the investigation.
SP’s probe is considered as a crucial step in shedding light on the circumstances surrounding the bank’s closure and providing much-needed answers to the affected depositors.
The investigation is expected to be thorough and impartial, with the goal of holding those responsible accountable for their actions.