Banco Filipino declares bank holiday amid heavy withdrawals

Branches of Banco Filipino around the Philippines had been closed on Tuesday due to heavy withdrawals from its clients.

The bank blamed the closure to Bangko Sentral ng Pilipinas (BSP) for allegedly orchestrating smear campaigns as the “source of inaccurate and malicious imputations.” The BSP ordered Banco Filipino to explain their current status and address the complaints of depositors. The Aguirre-led bank is seeking financial assistance from the BSP to stave off the heavy withdrawals. They claimed that they have not received any official word from the BSP despite the urgency of the situation and submitting sufficient collateral. Meanwhile, Malacañang acknowledged the troubles of Banco Filipino but said it will leave it to the BSP to handle the problem.