AMA Bank Requests Clarification from BSP Following Conflicting Statements on Reopening and Depositor Payments

In response to the Bangko Sentral ng Pilipinas' (BSP) press release titled Statement on AMA Bank Case dated January 30, 2025, AMA Rural Bank of Mandaluyong, Inc. (AMA Bank) requests clarification on the BSP's position regarding its pending Motion for Reconsideration with the Supreme Court and the bank's reopening.

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.”  However, AMA Bank points out that this contradicts the BSP's own legal filings with both the Court of Appeals and the Supreme Court.

BSP previously argued in its Comment/Opposition to the Court of Appeals that AMA Bank's Motion for Execution could not be granted due to the Supreme Court's pending second Motion for Reconsideration. Furthermore, in its second Motion for Reconsideration filed with the Supreme Court, the BSP stated that AMA Bank could not be reopened under any circumstances after it was ordered closed by the BSP.

Given the apparent contradiction between BSP's press release and its legal arguments, AMA Bank has formally requested that BSP 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 the BSP no longer stands behind these filings, AMA Bank urges it to formally withdraw them.

Additionally, AMA Bank seeks confirmation on whether the BSP's press release should be treated as an official authorization for the bank's reopening, in accordance with the Supreme Court and Court of Appeals' final judgments. If so, AMA Bank requests that the BSP confirm 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 interests of its depositors and creditors, who have faced prolonged uncertainty as a result of the bank's closure. The bank urges the BSP to act decisively and in good faith to restore its clients' financial security and ensure compliance with judicial rulings.