Monetary Board denies request for reconsideration of Manila Teachers' Savings and Loan Association license revocation
The Monetary Board of the Philippines has denied the request of the Manila Teachers' Savings and Loan Association, Inc. (MTSLAI) for the reconsideration of the revocation of its license to operate as a non-stock savings and loan association. In a resolution dated November 17, 2022, the Monetary Board stated that the decision to revoke MTSLAI's license is final.
MTSLAI is a financial institution that was organized and operated for the mutual benefit of its members, who are also the owners of the association. The association provided financial services to its members, such as saving accounts, loans, and other financial products, in order to help them meet their financial needs and goals.
The Monetary Board did not provide any details on the reasons for the revocation of MTSLAI's license. However, according to the Non-Stock Savings and Loan Association Act of 1997 (R.A. No. 8367), the regulatory authority has the power to revoke the license of a non-stock savings and loan association if it determines that the association has engaged in activities that violate the law or that are detrimental to the interests of its members or the general public.
The revocation of MTSLAI's license will have significant implications for the association and its members. It is not clear at this time how the association will be affected or what steps will be taken to address the impact of the revocation on its members.
Please read this DepEd Order No. 20 series of 2021 to know and understand what may happen to a member's deduction and contribution.