Regulatory Alerts2025-08-11
CL-2025-035: Revocation of License to Operate as an NSSLA of ASLA Savings and Loan Association Inc.
Bangko Sentral ng Pilipinas issued Circular Letter No. CL-2025-035 to formally notify all supervised financial institutions of the final denial of ASLA Savings and Loan Association, Inc.'s motion for reconsideration regarding its license revocation. The Monetary Board upheld the decision made in Resolution No. 1111.B(1) dated 24 August 2023, which revoked ASLA's license to operate as a Non-Stock Savings and Loan Association due to willful violations of Republic Act 8367 and BSP regulations. This action confirms the finality of the license revocation as of the resolution dated 17 July 2025.
BANGKO SENTRAL NG PILIPINAS
OFFICE OF THE DEPUTY GOVERNOR | FINANCIAL SUPERVISION SECTOR
CIRCULAR LETTER NO. CL-2025-035
To : All BSP-Supervised Financial Institutions (BSFIs)
Subject : Revocation of License to Operate as an NSSLA of ASLA Savings and Loan Association, Inc.
The Monetary Board, in its Resolution No. 717 dated 17 July 2025, denied with finality the motion for reconsideration of ASLA SAVINGS AND LOAN ASSOCIATION, INC. (ASLA) on the revocation¹ of its license to operate as a Non-Stock Savings and Loan Association.
[Signature]
LYN I. JAVIER Sector-in-Charge
11 August 2025
¹ Approved by the Monetary Board, in its Resolution No. 1111.B(1) dated 24 August 2023 pursuant to Section 22 of Republic Act (R.A.) 8367, otherwise known as the “Revised Non-Stock Savings and Loan Association Act of 1997”, in view of the willful violation of R.A. 8367 and BSP rules and regulations promulgated thereunder.