The Monetary Board last week ordered the closure of two rural banks—one in Camarines Sur and the other in La Union, Inquirer.net reported. In a Dec. 10 circular, Bangko Sentral ng Pilipinas Deputy Governor Nestor A. Espenilla Jr. said the Monetary Board had decided to prohibit Peñafrancia Rural Bank of Calabanga (Camarines Sur) Inc. from doing business in the country. Also, the rural bank’s assets and affairs were placed under receivership pursuant to Section 30 of Republic Act No. (RA) 7653 or The New Central Bank Act, Espenilla said. Read more.