To prohibit Filhomes Savings and Loan Bank, Inc. from doing business in the Philippines and to place its assets and affairs under receivership and to designate the PDIC as receiver of the bank

CIRCULAR LETTER Series of 2005

TO         :        All Banks/NBQBs/NBFIs

The Monetary Board, in its Resolution No. 83 dated 21 January 2005, decided as follows:

1.  To prohibit Filhomes Savings and Loan Bank, Inc. from doing business in the Philippines and to place its assets and affairs under receivership in accordance with Section 30 of Republic Act (R.A.) No. 7653 and Section 53 of R.A. No. 8791; and

2.  To designate the Philippine Deposit Insurance Corporation (PDIC) as receiver of the bank.

ALBERTO V. REYES Deputy Governor