MB Resolution No. 1116.A dated 10 September 2020Prohibition of the De La O Rural Bank, Inc.From Doing Business in the Philippines

Beruexo SerurneL Ne PrLrPtNAs OFFICE OF THE DEPUTY GOVERNOR FI NANCIAL SUPERVISION SECTOR CIRCULAR LETTER NO. CL _2O2O. 043 To ALt BANKS AND NON-BANK FINANCIAL INSTITUTIONS Subject : MB Resolution No. 1116.A dated 10 September 2020 Prohibition of the De La O Rural Bank, Inc. From Doing Business in the Philippines Notice is hereby given that the Monetary Board, in its Resolution No. 1116.A dated 10 September 2020, decided to prohibit the De La O Rural Bank, Inc., from doing business in the Philippines pursuant to Section 30 of Republic Act (R.A.) No. 7553 (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. ++-- G. FONACIER ty Governor 10 September 2020 A. Mabini S1., Malate 1004 Manila, Philippines. (632)8708-7701 . www.bsp.gov.ph. bspmail@bsp'.gov.ph