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2.

Q: Maharlikang Pilipino Banking Corporation (MPBC) operates several branches of Maharlikang Pilipino
Rural Bank in Eastern Visayas. Almost all the branch managers are close relatives of the members of the
Board of Directors of the corporation. Many undeserving relatives of the branch managers were granted
loans. In time, the branches could not settle their obligations to depositors and creditors.

Receiving reports of these irregularities, the Supervising and Examining Department (SED) of the Monetary
Board prepared a detailed report (SED Report) specifying the facts and the chronology of events relative to
the problems that beset MPBC rural bank branches. The report concluded that the bank branches were
unable to pay their liabilities as they fell due, and could not possibly continue in business without incurring
substantial losses to its depositors and creditors.

May the Monetary Board order the closure of the MPBC rural banks relying only on the SED Repost, without
need of an examination? Explain. (2009)

A: YES. The Monetary Board may order the closure of MPBC’s rural bank branches.

In placing a bank under receivership preceding its liquidation, Sec. 30 of the New Central Bank Act only
requires that the Monetary Board finds, upon report of the SED, that a bank is unable to pay its liabilities as
they fall due in the ordinary course of business, or that it cannot continue in business without involving
probable losses to its depositors or creditors, among other grounds. An examination is not required for this
purpose.

In this case, given the existence of such grounds as found by the Monetary Board relying on the SED’s report,
the closure of MPBC’s rural bank branches may be ordered.

35.

Q: What is the distinction between a covered transaction report and a suspicious transaction report?

A: On one hand, a covered transaction report is one which shows that a transaction in cash or other equivalent
monetary instrument involving a total amount in excess of P500,000.00 within 1 banking day has been made.
For casinos with respect to their casino cash transaction related to their gaming operations in particular, the
report must show that the amount involved in a single casino cash transaction exceeds P5,000,000.00 or its
equivalent in any other currency. On the other, a suspicious transaction report shows that a transaction, falling
under the circumstances provided by law, regardless of the amount involved, has been made.