Banco Filipino was closed by the Bangko Sentral ng Pilipinas by claiming that Banco Filipino has exceeded its assets with 8.4 billion pesos worth of liabilities which is against Philippine law which states that a bank's assets must equal or be in excess of its liabilities. However, Banco Filipino claims that it had 31.4 billion worth of properties and 23.8 billion pesos worth of liabilities leaving the savings and mortgage bank with 1.6 billion pesos of positive assets showing that its assets are more than its liabilities which could have been used in its planned rehabilitation.
Meanwhile, the Philippine Deposit Insurance Corporation (PDIC) revealed that Banco Filipino depositors whose accounts had at least P10,000 when the bank went on a holiday would be getting paid starting June 2011.
Cristina Orbeta, executive vice president of the PDIC, said the PDIC has settled 53 percent of the closed bank's deposit liabilities, which contained P5,000 or less in their accounts at the time of closure.[2][3]
