BSP: Agribank now open for business after consolidation
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The Bangko Sentral ng Pilipinas (BSP) announced that Agribusiness Rural Bank, Inc. (Agribank) is now ready to operate following the successful consolidation of four rural banks.
According to Circular Letter CL-2025-023, issued on 16 June 2025, the newly formed rural bank is now open to the public.
Agribank is the result of a consolidation between Agribusiness Rural Bank, Inc., Banco Alabang, Inc., Rural Bank of Maddela (Quirino), Inc., and Rural Bank of San Jacinto (Masbate), Inc.
The BSP confirmed that Agribank received its Certificate of Authority to Operate on 30 May 2025, following its registration with the Securities and Exchange Commission (SEC) on 14 February 2025.
Central Bank data also show a decline in rural bank offices, from 3,442 in January 2025 to 2,884 in May, due to a wave of closures and consolidations — mainly driven by capital deficiencies.
Just last month, the Philippine Deposit Insurance Corporation (PDIC) began liquidation of the Oriental Tamaraw Rural Bank of Naujan in Oriental Mindoro, which held 2,996 deposit accounts and ₱98.6 million in total deposit liabilities as of 31 December 2024.
