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.
.* ,* Ii. To BANGKO SENTRAL NG PIL!PINAS Subject OFFICE OFTHE DEPUTYCOVERNORI FINANCIAL SUPERVISION SECTOR Notice is hereby given that the Monetary Board, in its Resolution N0 437, B dated 08 May 2025. decided to prohibit the Oriental Tamaraw Rural Bank of Naujan tor. Mdo. ), Inc. from doing business in the Philippines pursuant to Section 30 of Republic Act IR. 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. For information and guidance. CIRCULAR LETTER No. cL-2025- 020 ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS 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 08 May 2025 , C CHI G. FONACIER eputy Governor , ,