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.
The Bangko Sentral ng Pilipinas closed Banco Filipino due to the bank’s liabilities reaching 8.4 billion pesos, surpassing its assets, an occurrence that breached Philippine law mandating that a bank’s assets should match or exceed its liabilities.