Regulatory Alerts2024-06-06
MB Resolution No. 631.C dated 06 June 2024 Prohibition of the Rural Bank of Cuyo (Palawan), Inc. From Doing Business in the Philippines
The Bangko Sentral ng Pilipinas issued Circular Letter CL-2024-028 to announce the Monetary Board's decision to prohibit the Rural Bank of Cuyo (Palawan), Inc. from conducting business in the Philippines pursuant to Section 30 of Republic Act No. 7653. The Philippine Deposit Insurance Corporation has been designated as Receiver with a directive to proceed with the takeover and liquidation of the bank in accordance with Section 12(a) of the PDIC Charter. This circular serves as official notice to all banks and non-bank financial institutions regarding the regulatory action taken on June 6, 2024.
,A To BANGi<O SENTRAL NG PILiPINAS Subject OFFICE OFTHE DEPUTY GOVERNOR I FINANCIAL SUPERVISION SECroR CIRCU LAR LETTER No. cL-2024- 028 Notice is hereby given that the Monetary Board, in its Resolution No. 631. C dated 06 June 2024, decided to prohibit the Rural Bank of Cuyo (Palawan), Inc. , from doing business in the Philippines pursuant to Section 30 of Republic Act (R. A. ) No. 7653 (The New Central Bank Act), as amended. The Philippine Deposit Insurance Corporation has been designated as Receiver with a directive to proceed with the takeover and liquidation of the aforementioned rural bank in accordance with Section 12 (a) of R. A. No. 3591 (PDIC Charter), as amended. ALL BANKS AND NON. BANK FINANCIAL INSTITUTIONS MB Resolution No. 631. C dated 06 June 2024 Prohibition of the Rural Bank of Cuyo IPalawan), Inc. From Doing Business in the Philippines For information and guidance. 063une 2024 I^I^ ^^;71 I Sector-in-Charge