This study aims to examine and scrutinize the bases and the motivations of the Central Bank in taking a particular course of action in dealing with specific cases of banks whose condition called for the exercise of its statutory powers of regulation and supervision, including its authority to order the closure of any banking institution. It will also analyze and evaluate those actions taken by the Central Bank towards the specific banks selected for this study including Continental Bank, Republic Bank, Overseas Bank of Manila, Fidelity Savings Bank and Provident Savings Bank with the view of determining the general justifiability and the conformity or non-conformity of such actions not only to existing laws, presidential decrees, rules and regulations but also to generally accepted principles and practices in the banking community.