MB Resolution No. 1521.A Dated 19 September 2013: Placement of the Rural Bank of Hagonoy (Davao del Sur), Inc. under Receivership

September 19, 2013BSP MEMORANDUM NO. M-2013-043TO:All Banks and Non-Bank Financial Institutions   SUBJECT:MB Resolution No. 1521.A Dated 19 September 2013  Placement of the Rural Bank of Hagonoy (Davao del Sur), Inc. under Receivership Notice is hereby given that the Monetary Board, in its Resolution No. 1521.A dated 19 September 2013, decided to prohibit the Rural Bank of Hagonoy (Davao del Sur), Inc., from doing business in the Philippines and to place its assets and affairs under receivership pursuant to Section 30 of Republic Act (R.A.) No. 7653 (The New Central Bank Act). The Philippine Deposit Insurance Corporation has been designated as Receiver of the aforementioned rural bank.For information and guidance. ACETIa (SGD.) DR. JOHNNY NOE E. RAVALOSector-in-Charge