The Bank of Cebu was a privately owned savings bank based in Cebu City in the Philippines that became bankrupt in 2006.
Bank of Cebu was one of the largest banks based in Cebu province, and it started operations in 1961. [1] In 1990, after several years of lending to trading and commercial businesses in Cebu City, the bank began shifting its lending portfolio in favor of small and medium enterprises involved in manufacturing, taking advantage of the city's industrialization. [2] On August 31, 2006, the Bank of Cebu declared bankruptcy and was subsequently declared insolvent, the first time a bank in the Philippines failed since the failure of Urban Bank in 2000. [3] The bank was placed under the receivership of the Bangko Sentral ng Pilipinas, and at the time of its closure, it had some 8,000 depositors split among seven branches located in Metro Cebu. [1]
The closure of Bank of Cebu was considered controversial, with bank owners requesting the Cebu City Court of Appeals for a temporary restraining order to prevent the bank's closure. [4] However, this was denied by the court, and subsequently by the Court of Appeals. [5] Despite the failure, 98% of the bank's depositors were able to retrieve the entirety of their deposits as they were covered by the Philippine Deposit Insurance Corporation. [6]
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created by the Banking Act of 1933, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common. The insurance limit was initially US$2,500 per ownership category, and this was increased several times over the years. Since the enactment of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010, the FDIC insures deposits in member banks up to $250,000 per ownership category. FDIC insurance is backed by the full faith and credit of the government of the United States, and according to the FDIC, "since its start in 1933 no depositor has ever lost a penny of FDIC-insured funds".
BDO Unibank, Inc., commonly known as Banco de Oro (BDO), is a Philippine banking company based in Mandaluyong. In terms of total assets, the firm is the largest bank in the Philippines and 15th largest in Southeast Asia as of March 31, 2016. BDO Unibank is also a member of SM Group. It is also the largest bank in the country by market capitalization.
Urban Bank, also known by its initials UBI, was a middle-sized bank in the Philippines. The bank, along with its two subsidiaries, declared a voluntary bank holiday for failing to meet withdrawals and was consequently closed by the Bangko Sentral ng Pilipinas and put under the mandatory receivership of the Philippine Deposit Insurance Corporation on April 26, 2000. It merged with Export and Industry Bank in 2001.
Banco Filipino Savings and Mortgage Bank , or simply Banco Filipino, was a savings and loan association based in the Philippines. It is also known for property developments such as BF Homes, subdivisions in Caloocan, Quezon City, Parañaque, and Las Piñas. The Bangko Sentral ng Pilipinas ordered the bank's closure on March 17, 2011, and placed it under the receivership of state-run Philippine Deposit Insurance Corporation (PDIC), saying its liabilities topped its assets by P8.4 billion. The slogan of Banco Filipino is Subok na Matibay, Subok na Matatag.
Gwendolyn Fiel Garcia is a Filipina politician serving as the governor of Cebu since 2019, a position she previously held from 2004 and 2013—being the first woman to hold that office. She was the representative of Cebu's 3rd congressional district from 2013 to 2019 and concurrently served as a House Deputy Speaker from 2016 to 2018.
Export and Industry Bank (EIB), also known as Exportbank, was a commercial bank in the Philippines. It acquired Urban Bank in 2001 after the former collapsed due to its closure by the Bangko Sentral ng Pilipinas. It formed in 1996 by the Lippo Group based in Hong Kong. It was placed under receivership by the Philippine Deposit Insurance Corporation (PDIC) on April 27, 2012, after it was closed by the Bangko Sentral ng Pilipinas on the basis of being insolvent. This was after fall-out of a rehabilitation deal between it and Banco de Oro Universal Bank (BDO) but did not push through due to the pending legal matters concerning the bank that stopped short of the deal. Exportbank had liabilities worth around PHP700 to 800 million.
The Philippine Star is an English-language newspaper in the Philippines and the flagship brand of the Philstar Media Group. First published on July 28, 1986, by veteran journalists Betty Go-Belmonte, Max Soliven and Art Borjal, it is one of several Philippine newspapers founded after the 1986 People Power Revolution.
A bank failure occurs when a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities. A bank usually fails economically when the market value of its assets declines to a value that is less than the market value of its liabilities. The insolvent bank either borrows from other solvent banks or sells its assets at a lower price than its market value to generate liquid money to pay its depositors on demand. The inability of the solvent banks to lend liquid money to the insolvent bank creates a bank panic among the depositors as more depositors try to take out cash deposits from the bank. As such, the bank is unable to fulfill the demands of all of its depositors on time. A bank may be taken over by the regulating government agency if its shareholders' equity are below the regulatory minimum.
The Philippine Deposit Insurance Corporation is a Philippine government-run deposit insurance fund. It was established on June 22, 1963, by Republic Act 3591. It guarantees deposits up to ₱500,000. The primary function of PDIC is to protect small investors/depositors and build strong confidence in banking. PDIC receives guidance from the International Association of Deposit Insurers.
A palengke is a permanent wet market in the Philippines.
Maria Lourdes "Meilou" Aranal Sereno is a Filipina lawyer and judge who served as de facto chief justice of the Supreme Court of the Philippines from 2012 until her removal in 2018.
DYLA is a radio station owned and operated by Vimcontu Broadcasting Corporation, the broadcast arm of the Visayas-Mindanao Confederation of Trade Unions. The station's studio is located at 2nd Floor, JSU-PSU Mariners' Court-Cebu, ALU-VIMCONTU Welfare Center, Pier 1, Cebu City, and its transmitter is located at Alumnos, Brgy. Mambaling, Cebu City.
Nepalese people in the Philippines form a small migrant and immigrant community consisting mostly of doctors and medical students with Nepalese origin.
Buena Mano Balita is a Philippine television news broadcasting program broadcast by GMA Cebu. It premiered on October 8, 2007. The newscast concluded on April 24, 2015.
Regalado "Dodong" E. Maambong was a Filipino jurist, politician and member of the 1986 Constitutional Commission, which drafted the Constitution of the Philippines.
Barangay elections were held on Monday, October 28, 2013. The election shall elect the Punong Barangay, more commonly known as barangay captains, and members of the Sangguniang Barangay, or barangay council, in 42,028 barangays throughout the Philippines whose terms start on November 30, 2013. Barangays are the smallest local government unit in the Philippines.
Janet Lim-Napoles is a Filipina businesswoman who is believed to have masterminded the Priority Development Assistance Fund (PDAF) Scam. She was convicted of plunder for her involvement in the PDAF Scam and is facing charges for alleged involvement in the misuse of the Malampaya fund for disaster response operations.
Panay Railways Inc. is a government-owned and controlled corporation of the Philippines headquartered in La Paz, Iloilo City on the island of Panay. It is a subsidiary of Phividec Railways Inc. of the Philippine Veterans Investment Development Corporation (Philvedec). The railway currently doesn't operate any trains but it leases the property that it owns and the revenue is used to defray the personnel and administrative costs incurred from looking after its assets.
The Cebu Schools Athletic Foundation, Inc. (CESAFI) is a sports and academic association of 14 schools, colleges and universities in Cebu, Philippines. The CESAFI was established in 2001.
Asian Marine Transport Corporation (AMTC) is a Filipino passenger and freight shipping company established in 1999 in Cebu City, Philippines. It owns and operates the Super Shuttle RORO, Super Shuttle Ferry and Shuttle Fast Ferry brand of RORO and ROPAX ferries.