Groups of coconut farmers fear another scam might happen in the process of the Philippine government’s implementation of the Coco Levy Act, the law that should pave the way for the release of the P100 billion worth of funds and assets collected through the infamous coco levy fund scam more than 40 y
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ILOILO CITY May 13 (PIA) - -The Philippine Deposit Insurance Corporation (PDIC) took over the Rural Bank of Alimodian (Iloilo) Inc. on Wednesday, May 12, 2021.
This, after the Monetary Board of the Bangko Sentral ng Pilipinas (BSP), in Resolution No. 539.A dated May 6, 2021, prohibited the bank from doing business in the Philippines and directed PDIC, as Receiver, to proceed with the takeover and liquidation of the bank.
For the safety of the bank clients and local residents, the PDIC field personnel complied with the health, quarantine and travel protocols in accordance with Resolution No. 98-A issued by the Inter-Agency Task Force for the Emerging Infectious Disease (IATF), according to a PDIC press report also issued on May 12.
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Tonik, the first neobank in the Philippines, announced today that it raised US$17M in Pre-Series B funding. The round comes on the heels of Tonik’s highly successful public launch in March 2021, which saw it secure over 1 billion pesos (US$20M) in retail deposits in under 1 month - a historical record for any new bank launching in the Philippines.
Led by Singapore’s iGlobe Partners, the round featured participation from existing shareholders Sequoia India, Altara Ventures, and Insignia Venture Partners as well as bringing in new investors Citius, Baring Vostok Capital Partners, and multiple Philippine family offices. The new funding solidifies Tonik’s position as one of the best funded fintechs in the Philippines, with US$44M raised to-date.