Regulatory Alerts2025-05-08
MB Resolution No. 437.B dated 08 May 2025 Prohibition of the Oriental Tamaraw Rural Bank of Naujan (Or. Mdo.), Inc. from Doing Business in the Philippines
Bangko Sentral ng Pilipinas issued Circular Letter No. CL-2025-020 to prohibit Oriental Tamaraw Rural Bank of Naujan (Or. Mdo.), Inc. from conducting business in the Philippines pursuant to Section 30 of Republic Act No. 7653. The Monetary Board designated the Philippine Deposit Insurance Corporation as Receiver to assume control and initiate the liquidation of the institution under Section 12(a) of the PDIC Charter. This directive serves as formal notice to all banks and non-bank financial institutions regarding the regulatory action taken on May 8, 2025.
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