The Central Bank of the Philippines issued a circular letter notifying banks and non-bank financial institutions that its Monetary Board has prohibited Oriental Tamaraw Rural Bank of Naujan (Or. Mdo.), Inc. from doing business in the Philippines under Section 30 of Republic Act No. 7653, as amended. The Philippine Deposit Insurance Corporation has been 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.
Central Bank of the Philippines 2025-05-08
Central Bank of the Philippines prohibits Oriental Tamaraw Rural Bank of Naujan from doing business and appoints the Philippine Deposit Insurance Corporation as receiver
The Central Bank of the Philippines has prohibited Oriental Tamaraw Rural Bank of Naujan, Inc. from operating 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 per Section 12(a) of Republic Act No. 3591.