NEWSFLASH

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FVR ORDERS ISLAMIC BANK REHAB

Malacanang, Feb. 7, 1998 - President Ramos has approved the rehabilitation of the Al-Amanah Islamic Investment Bank of the Philippines as recommended by the Monetary Board.

The rehabilitation is to be jointly undertaken by the finance department, the Development Bank of the Philippines and the Bangko Sentral ng Pilipinas.

It calls for injecting enough deposits from the Autonomous Region of Muslim Mindanao and local government units, the immediate disposition of the bank's acquired assets and the infusion of new capital through privatization.

The bank's sale will be undertaken by the Committee on Privatization with the DBP as the disposing agent. The bank will be reorganized and its facilities upgraded after it receives fresh capital.

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