AMA Rural Bank of Mandaluyong Inc. said Tuesday it is seeking a clarification on the Bangko Sentral ng Pilipinas’ (BSP) position regarding its pending second motion for reconsideration with the Supreme Court and the bank’s reopening.
The BSP, in a press release on AMA Bank Case on Jan. 30, 2025, said its pending second motion for reconsideration “does not prevent AMA Bank from reopening and paying its depositors and creditors.”
AMA Bank said, however, this contradicts the BSP’s own legal filings with both the Court of Appeals and the Supreme Court.
The BSP, in its comment/opposition filed with the Court of Appeals, previously argued that AMA Bank’s motion for execution could not be acted upon due to the pending second motion for reconsideration before the Supreme Court.
The BSP, in its second motion for reconsideration filed with the Supreme Court, said AMA Bank could no longer be reopened under any circumstances after its closure was ordered by the regulator.
AMA Bank said given the apparent contradiction between BSP’s press release and its legal arguments, it is requesting the BSP to clarify whether it abandoned its second motion for reconsideration with the Supreme Court and its comment/opposition to AMA Bank’s motion for execution with the Court of Appeals.
AMA Bank said if BSP no longer stands by these filings, the BSP should formally withdraw them.
AMA Bank also seeks confirmation on whether the BSP’s press release should be treated as an official authorization for the bank’s reopening, in compliance with the final judgments of the Supreme Court and the Court of Appeals. If so, AMA Bank said the BSP should affirm this in writing.
To facilitate the bank’s reopening for the sole and limited purpose of repaying its long-suffering depositors, AMA Bank is calling on BSP to take the following actions without further delay.
It asked the BSP to return AMA Bank’s reserve funds amounting to about P135 million; instruct the Philippine Deposit Insurance Corp. (PDIC) to return the bank’s cash assets totaling about P340 million, which were seized under BSP’s now-nullified closure order; and advise the Department of Education (DepEd) to promptly release collections from teacher’s loans owed to AMA Bank, amounting to more than P1.4 billion.
AMA Bank reiterated its commitment to resolving the matter in the best interest of its depositors and creditors, who have endured prolonged uncertainty due to the bank’s closure.
The bank urged the BSP to act decisively and in good faith to restore the financial security of its clients and ensure compliance with judicial rulings.
