The Central Bank of the Philippines issued a circular letter notifying the industry that its Monetary Board has decided to prohibit Emerald Rural Bank, Inc. from doing business in the Philippines pursuant to Section 30 of Republic Act No. 7653, as amended. The Philippine Deposit Insurance Corporation was designated as receiver and directed to proceed with the takeover and liquidation of the rural bank in accordance with Section 12(a) of Republic Act No. 3591, as amended. The measures were taken under Monetary Board Resolution No. 77.A and communicated through Circular Letter CL-2025-004 to all banks and non-bank financial institutions.
Central Bank of the Philippines 2025-01-23
Central Bank of the Philippines prohibits Emerald Rural Bank from doing business and designates PDIC as receiver for takeover and liquidation
The Central Bank of the Philippines has prohibited Emerald Rural Bank, Inc. from operating in the country under Section 30 of Republic Act No. 7653. The Philippine Deposit Insurance Corporation has been appointed as receiver to manage the bank's takeover and liquidation, as per Section 12(a) of Republic Act No. 3591. These actions were authorized by Monetary Board Resolution No. 77.A and communicated via Circular Letter CL-2025-004.