Conversion/Upgrade of the License of Mount Makiling Rural Bank, Inc. to Operate from a Rural Bank into a Thrift (Development) Bank under the Corporate Name Makiling Development Bank Corporation

September 17, 2019BSP CIRCULAR LETTER NO. CL-2019-067TO : All BSP-Supervised Financial Institutions   SUBJECT :Conversion/Upgrade of the License of Mount Makiling Rural Bank, Inc. to Operate from a Rural Bank into a Thrift (Development) Bank under the Corporate Name Makiling Development Bank Corporation The Bangko Sentral ng Pilipinas approved the conversion/upgrade of the license of Mount Makiling Rural Bank, Inc. to operate from a rural bank into a thrift (development) bank under the corporate name Makiling Development Bank Corporation (MDBC). The Securities and Exchange Commission approved on 31 July 2019 the amended Articles of Incorporation and By-Laws of MDBC bearing the upgraded banking license and new corporate name. MDBC will commence its operations as a thrift (development) bank on 20 September 2019.For information and guidance.(SGD.) CHUCHI G. FONACIERDeputy Governor