It is also known for property developments such as BF Homes, subdivisions in Caloocan, Quezon City, Parañaque, and Las Piñas.

The Bangko Sentral ng Pilipinas ordered the bank's closure on March 17, 2011, and placed it under the receivership of state-run Philippine Deposit Insurance Corporation (PDIC), saying its liabilities topped its assets by P8.4 billion.

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.

Meanwhile, the Philippine Deposit Insurance Corporation (PDIC) revealed that Banco Filipino depositors whose accounts had at least P10,000 when the bank went on a holiday would be getting paid starting June 2011.

Cristina Orbeta, executive vice president of the PDIC, said the PDIC has settled 53 percent of the closed bank's deposit liabilities, which contained P5,000 or less in their accounts at the time of closure.