AMA Bank Seeks Clarification from BSP Following Contradictory Statements on Reopening and Depositor Payments

 

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) is seeksing 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 asserts 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 points out 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 since 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:

1. BSP’s Comment/Opposition dated August 27, 2024 (CA-G.R. SP No. 163288, pp. 15-

16)

2. BSP’s Omnibus Motion dated August 6, 2024 (G.R. Nos. 253270 and 253411, p. 4)