Manila: The Bangko Sentral ng Pilipinas (BSP) has advised depositors and clients of AMA Rural Bank of Mandaluyong Inc. (AMA Bank) to directly communicate their queries with the bank. This advisory follows a resolution of disputes between the central bank and the rural bank, culminating in an agreement aimed at protecting depositors and clients.

According to Philippines News agency, the BSP and AMA Bank have reached a comprehensive settlement of their disputes and have entered into a compromise agreement. The agreement ensures that AMA Bank remains under the regulatory oversight of the BSP to guarantee its effective implementation. The BSP has instructed depositors, creditors, and other clients to submit claims for payment and direct all inquiries to AMA Bank.

The Monetary Board (MB) of BSP had previously ordered the closure of AMA Bank in November 2019, citing violations such as the issuance of irregular loans and engaging in transactions that provided undue benefits to its officials and stockholders. Consequently, the bank was placed under the receivership of the Philippine Deposit Insurance Corp. (PDIC).

However, a Supreme Court resolution dated March 1, 2023, upheld a previous Court of Appeals decision that deemed the closure and liquidation of AMA Bank unwarranted, as it did not align with legal grounds. In an official statement on its website, AMA Bank announced the resolution of its issues with PDIC, including the turnover of cash assets amounting to PHP259,429,200.65 on March 12, 2025, for the benefit of its depositors and creditors.