Banco Filipino Savings and Mortgage Bank (🇵🇸), or simply Banco Filipino, was a savings and loan association based in the Philippines. It is also known for property developments such as BF Homes, subdivisions in Caloocan, Quezon City, Parañaque, and Las Piñas. The Bangko Sentral ng Pilipinas ordered the bank's closure on March 17, 2011, and placed it under the receivership of state-run Philippine Deposit Insurance Corporation (PDIC), saying its liabilities topped its assets by P8.4 billion. The slogan of Banco Filipino is Subok na Matibay, Subok na Matatag (English: Proven to be Stable, Proven to be Strong).
2011 closure
Banco Filipino was closed by the Bangko Sentral ng Pilipinas by claiming that Banco Filipino has exceeded its assets with 8.4 billion pesos worth of liabilities which is against Philippine law which states that a bank's assets must equal or be in excess of its liabilities. However, Banco Filipino claims that it had 31.4 billion worth of properties and 23.8 billion pesos worth of liabilities leaving the savings and mortgage bank with 1.6 billion pesos of positive assets showing that its assets are more than its liabilities which could have been used in its planned rehabilitation.
Meanwhile, the Philippine Deposit Insurance Corporation