Monetary Board takes over Laguna bank

The policy-making Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited World Partners Bank (A Thrift Bank) Inc. from doing business in the Philippines. 

Under Resolution 1340, the MB directed the Philippine Deposit Insurance Corp. (PDIC) as receiver to proceed with the takeover and liquidation of the bank. PDIC took over the bank last August 11.

World Partners Bank has four branches with head office at A. Mabini St., Brgy. Poblacion, San Pedro City, Laguna.

Its branches are located in Meycauayan and Sta. Maria in Bulacan, San Pablo City in Laguna, and Tanauan City in Batangas.

Based on the General Information Sheet filed by the bank with the Securities and Exchange Commission (SEC) as of December 31, 2016, World Partners Bank is owned by Ang Hortaleza Corp. (60 percent) and Rosalinda Hortaleza (40 percent).

The bank’s chairman is Rosalinda Hortaleza and its president is Leonora Sioco.

Records show that as of June 30, 2017, World Partners Bank had 22,613 deposit accounts with total deposit liabilities of P559.5 million.

Total insured deposits amounted to P411 million, equivalent to 73.5 percent of total deposits.

PDIC said deposits and claims shall be paid up to the maximum deposit insurance coverage of P500,000.

Depositors with valid deposit accounts with balances of P100,000 and below shall be eligible for early payment and claims, except accounts maintained by business entities, or when they have outstanding obligations with World Partners Bank or acted as co-makers of these obligations.

Depositors have to ensure that they have complete and updated addresses with the bank.

They may update their addresses until August 25, 2017 using the Mailing Address Update Forms to be distributed by PDIC representatives at the bank premises.

For depositors who are required to file claims for deposit insurance, the schedule of claims settlement operations will be announced as soon as possible through posters in the bank premises and in other public places, the PDIC website, www.pdic.gov.ph, and PDIC’s official Facebook account.

PDIC also reminded borrowers to continue paying their loan obligations with the closed World Partners Bank and to transact only with designated PDIC representatives at the bank premises.

For more information on the requirements and procedures for filing claims and settlement of loan obligations, all depositors and borrowers of the bank are enjoined to attend the Depositors-Borrowers’ Forum which will be held in venues near the premises of the bank from August 23 to 25.