MB Resolution No. 1337 dated 29 November 2007; Placement of the Rural Bank of Milagros (Masbate), Inc. Under Receivership
MEMORANDUM NO. M-2007-037
TO: All Banks and Non-Bank Financial Institutions
Subject: MB Resolution No. 1337 dated 29 November 2007; Placement of the Rural Bank of Milagros (Masbate), Inc. Under Receivership
Notice is hereby given that the Monetary Board, in its Resolution No. 1337 dated 29 November 2007 decided to prohibit the RURAL BANK OF MASBATE (MASBATE), 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
More in BSP Memoranda
- Supplementary Policy on Penalties and Sanctions Under Section 621 of the Peso Real-Time Gross Settlement (RTGS) Rules(BSP Memoranda No. M-2024-039(corrected copy))
- Advisory on Full Implementation of Circular No. 1197 dated 12 July 2024 on Amendments to Foreign Exchange (FX) Regulations Covering Reporting Guidelines and Penalty Provisions(BSP Memoranda No. M-2024-042)
- MB Resolution No. 407 dated 6 March 2014 Placement of the Rural Bank of Montevista (Davao del Norte), Inc. Under Receivership(BSP Memoranda No. M-2014-008)
- Implementation of the International Transaction Reporting System (ITRS)(BSP Memoranda No. M-2023-023)
- Service Fee for Fit Notes Mixed with Unfit Note Deposits(BSP Memoranda No. M-2014-021)
- Guidelines for the submission of the Weekly Consolidated Report of Condition and Consolidated Statement of Condition(BSP Memoranda No. M06271997)
- Fees and Commissions(BSP Memoranda No. M12111995)
- Regulatory Relief for Banks/Non-Bank Financial Institutions with Quasi-Banking Functions (NBQBs) Affected by Typhoon "Lando"(BSP Memoranda No. M-2015-039)
Want an analysis of this document?
Ask ASG Legal AI to summarize it, compare it with other rulings, or explain how it applies to your situation — it researches from this same library.