May 2, 2019
BSP CIRCULAR LETTER NO. CL-2019-033
| TO | : | All Banks and Non-Bank Financial Institutions |
| SUBJECT | : | MB Resolution No. 660.A dated 02 May 2019 Prohibition of the Palawan Bank (Palawan Development Bank), Inc. from Doing Business in the Philippines |
Notice is hereby given that the Monetary Board, in its Resolution No. 660.A dated 02 May 2019, decided to prohibit The Palawan Bank (Palawan Development Bank), Inc., from doing business in the Philippines pursuant to Section 30 of Republic Act (R.A.) No. 7653 (The New Central Bank Act), as amended.
The Philippine Deposit Insurance Corporation has been designated as Receiver with a directive to proceed with the takeover and liquidation of the aforementioned thrift bank in accordance with Section 12 (a) of R.A. No. 3591 (PDIC Charter), as amended. acEHCD
For information and guidance.
(SGD.) LYN I. JAVIER
Sector-in-Charge
