January 31, 2025 – Manila, Philippines – In response to the Bangko Sentral ng Pilipinas’ (BSP) press release titled Statement on AMA Bank Case issued on January 30, 2025, AMA Rural Bank of Mandaluyong, Inc. (AMA Bank) seeks clarification on BSP’s position regarding its pending second Motion for Reconsideration with the Supreme Court and the bank’s reopening.
The BSP’s statement asserted that its pending second Motion for Reconsideration “does not prevent AMA Bank from reopening and paying its depositors and creditors.” However, AMA Bank observes that this contradicts BSP’s own legal filings with both the Court of Appeals and the Supreme Court.
In its Comment/Opposition filed with the Court of Appeals, BSP 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. Furthermore, in its second Motion for Reconsideration filed with the Supreme Court, BSP stated that AMA Bank could no longer be reopened under any circumstances after its closure was ordered by BSP.
Given the apparent contradiction between BSP’s press release and its legal arguments, AMA Bank is now formally requesting BSP to clarify whether it has 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. If BSP no longer stands by these filings, AMA Bank urges BSP to formally withdraw them.
Additionally, AMA Bank seeks confirmation on whether 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 requests BSP to 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:
- Return AMA Bank’s reserve funds amounting to approximately Php135 million;
- Instruct the Philippine Deposit Insurance Corporation (PDIC) to return the bank’s cash assets totaling approximately Php340 million, which were seized under BSP’s now-nullified closure order;
- Advise the Department of Education (DepEd) to promptly release collections from teacher’s loans owed to AMA Bank, amounting to more than Php1.4 billion.
AMA Bank reiterates its commitment to resolving this matter in the best interest of its depositors and creditors, who have endured prolonged uncertainty due to the bank’s closure. The bank urges BSP to act decisively and in good faith to restore the financial security of its clients and ensure compliance with judicial rulings.
Sources:
- BSP’s Comment/Opposition dated August 27, 2024 (CA-G.R. SP No. 163288, pp. 15-16)
- BSP’s Omnibus Motion dated August 6, 2024 (G.R. Nos. 253270 and 253411, p. 4)
