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Philippine central bank shuts down 2 more rural banks

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Philippine central bank shuts down 2 more rural banks

The monetary board of the Bangko Sentral ng Pilipinas ordered the closure of Valiant Bank Inc. (A Rural Bank) and Rural Bank of Basey (Samar) Inc.

Philippine Deposit Insurance Corp. was designated as receiver and will proceed with the takeover and liquidation of both rural banks, according to separate May 16 filings.