In response to the January 30, 2025, press release from the Bangko Sentral ng Pilipinas (BSP) titled "Statement on AMA Bank Case," AMA Rural Bank of Mandaluyong, Inc. (AMA Bank) requested clarification on the BSP's stance on the bank's reopening and its pending Motion for Reconsideration with the Supreme Court.
In contrast to BSP's own legal filings with the Court of Appeals and the Supreme Court, AMA Bank notes that the BSP's statement claimed that its pending second Motion for Reconsideration “does not prevent AMA Bank from reopening and paying its depositors and creditors.”
BSP previously contended in its Comment/Opposition submitted to the Court of Appeals that the Supreme Court's pending second Motion for Reconsideration precluded the execution of AMA Bank's Motion for Execution. In addition, BSP claimed in its second Motion for Reconsideration submitted to the Supreme Court that AMA Bank could not be reopened in any way following its closure.
AMA Bank is now formally asking BSP to clarify whether it has given up on 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, given the apparent discrepancy between BSP's press release and its legal arguments. AMA Bank requests that the BSP formally withdraw these filings if it no longer supports them.
In accordance with the Supreme Court's and the Court of Appeals' final rulings, AMA Bank also wants to know if the BSP press release should be regarded as an official approval for the bank's reopening. If so, AMA Bank asks that the BSP provide written confirmation of this.
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.
In the interest of its creditors and depositors, who have suffered through extended uncertainty as a result of the bank's closure, AMA Bank reaffirms its dedication to finding a solution to this issue. The bank calls on the BSP to take prompt, sincere action to restore its clients' financial stability and guarantee adherence to court orders.
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