The Central Bank of the Philippines issued a circular letter to all banks and non-bank financial institutions notifying them that the Monetary Board has revoked the licence of RGC Employees Savings and Loan Association, Inc. to operate as a non-stock savings and loan association. The revocation was approved under Monetary Board Resolution No. 574 dated 05 June 2025, pursuant to Section 22 of Republic Act No. 8367, the Revised Non-Stock Savings and Loan Association Act of 1997, and its implementing rules and regulations.
Central Bank of the Philippines 2025-08-20
Central Bank of the Philippines revokes RGC Employees Savings and Loan Association’s licence to operate as a non-stock savings and loan association
The Central Bank of the Philippines announced the revocation of RGC Employees Savings and Loan Association, Inc.'s licence to operate as a non-stock savings and loan association. This decision was made under Monetary Board Resolution No. 574, in accordance with Section 22 of Republic Act No. 8367.