MB Resolution No. 1377 dated 6 December 2007; Placement of the Rural Bank of Malilipot (Albay), Inc. Under Receivership
MEMORANDUM NO. M-2007-040
TO: All Banks and Non-Bank Financial Institutions
Subject: MB Resolution No. 1377 dated 6 December 2007; Placement of the Rural Bank of Malilipot (Albay), Inc. Under Receivership
Notice is hereby given that the Monetary Board, in its Resolution No. 1377 dated 6 December 2007 decided to prohibit the RURAL BANK OF MALILIPOT (Albay), INC. from doing business in the Philippines and to place its assets and affairs under receivership pursuant to Section 30 of R.A. No. 7653.
The Philippines Deposit Insurance Corporation has been designated as Receiver of the aforementioned rural bank.
For information and guidance.
NESTOR A. ESPENILLA, JR. Deputy Governor
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