The Philippine central bank has ordered the closure of East Coast Rural Bank of Hagonoy Inc.

In line with the directive by Bangko Sentral ng Pilipinas's Monetary Board, Philippine Deposit Insurance Corp. took over the bank May 31, according to a same-day release.

The PDIC assured depositors that all valid deposits and claims will be paid up to the maximum deposit insurance coverage of 500,000 Philippine pesos.

As of May 31, US$1 was equivalent to 52.17 Philippine pesos.