In response to Bangko Sentral ng Pilipinas’ (BSP) recent press release titled “Statement on AMA Bank Case,” dated Jan. 30, 2025, which “clarified” that its pending second Motion for Reconsideration with the Supreme Court “does not prevent AMA Bank from reopening and paying its depositors and creditors,” AMA Rural Bank of Mandaluyong, Inc. states that BSP’s press release contradicts the statements in its own motions filed with the Court of Appeals and the Supreme Court.
In its Comment/Opposition filed with the Court of Appeals, BSP argued that the Court of Appeals cannot act on AMA Bank’s Motion for Execution and, consequently, AMA Bank cannot yet reopen, because BSP’s second Motion for Reconsideration remains pending with the Supreme Court:
In the prohibited second Motion for Reconsideration that it filed with the Supreme Court, BSP also argued that since AMA Bank was closed upon BSP’s orders, AMA Bank can no longer be reopened under any circumstance:
In view of BSP’s press release, which patently contradicts the foregoing positions earlier taken by BSP, AMA Bank now wishes to clarify whether BSP 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 such is the case, AMA Bank encourages BSP to formally withdraw its second Motion for Reconsideration and its Comment/Opposition to the Motion for Execution.
AMA Bank also wishes to confirm whether BSP’s press release should be treated as BSP’s formal and official act of allowing the re-opening of AMA Bank, in compliance with the final judgments of the Supreme Court and the Court of Appeals. If such is the case, AMA Bank requests BSP to affirm this in writing. AMA Bank likewise urges BSP to (a) promptly return AMA Bank’s reserve funds amounting to more or less P135 million, (b) direct the Philippine Deposit Insurance Corp. (PDIC) to likewise immediately return the cash assets of AMA Bank, in the total amount of approximately P340 million, that PDIC seized pursuant to the null and void closure order of BSP, and (c) advise the Department of Education (DepEd) to promptly release to AMA Bank the collections from teacher’s loans in the sum of more than P1.4 billion.
Upon BSP’s performance of the foregoing, AMA Bank shall forthwith re-open for the sole and limited purpose of paying its long-suffering depositors who have been the unwitting victims of BSP’s closure of AMA Bank.
Sources:
BSP’s Comment/Opposition dated 27 August 2024 (pp. 15-16) filed with the Court of Appeals in CA-G.R. SP No. 163288
BSP’s Omnibus Motion [(a) For: Reconsideration of the Resolutions dated 1 March 2023 and 28 May 2024; and (b) To: Set the Case for Oral Arguments] dated 6 August 2024 (p. 4) filed with the Supreme Court in G.R. Nos. 253270 and 253411
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