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MANILA, Philippines - Banco De Oro Unibank Inc. (BDO) has submitted a plan to rehabilitate shuttered Export & Industry Bank, the state deposit insurer said on Wednesday.
In a statement, Philippine Deposit Insurance Corp. (PDIC), which took over ExportBank after BDO's plan to take over the thrift lender fell through, said it was "reviewing the legal and economic viabilities of said proposal."
However, "some of the conditions as proposed are not within the authority of PDIC," the agency said.
PDIC said it will come up with a rehab plan for ExportBank in the next three months.
The state deposit insurer said it will craft the terms of reference for such a rehab plan and would secure the services of a financial auditor to come up with an appropriate value for ExportBank.
The proposal would then be submitted to the PDIC Board and the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) for approval.
While crafting ExportBank's rehab plan, PDIC said it would in the meantime pursue the payment of insured deposits.
First to be paid by end-May are deposit accounts with balances of P10,000 and below. Those accounts with balances of over P10,000 would be paid by end-June.
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