Maximum Deposit Insurance for Each Depositor Php500,000
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PDIC urges depositors of Siargao Bank (A Rural Bank), Inc. to file their claims for deposit insurance by June 15, 2017

June 13, 2017

The Philippine Deposit Insurance Corporation (PDIC) urges depositors of the closed Siargao Bank (A Rural Bank), Inc. to file their deposit insurance claims on or before the last day of filing claims for insured deposits on June 15, 2017 either through mail or personally during business hours at the PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City.

The PDIC Charter provides that depositors have until two years from bank closure to file their deposit insurance claims. Siargao Bank (A Rural Bank), Inc. was ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas on June 11, 2015.

According to PDIC, deposit insurance claims for 3,185 deposit accounts with aggregate insured deposits amounting to PHP4.5 million have yet to be filed by depositors. Data showed that as of May 31, 2017, PDIC had paid depositors of the closed Siargao Bank (A Rural Bank), Inc. in the total amount of PHP87.3 million, corresponding to 93.3% of the bank’s total insured deposits amounting to PHP93.5 million.

After June 15, 2017, PDIC shall no longer accept any deposit insurance claims from depositors of Siargao Bank (A Rural Bank), Inc. Their recourse is to file claims against the assets of the closed bank through PDIC as liquidator. Payment of claims shall depend on available assets of the bank for distribution to creditors and the approval of the Liquidation Court.

In filing their claims personally, depositors are required to submit their original evidence of deposit and present one (1) valid photo-bearing ID with signature of the depositor. It is recommended, however, to bring at least two (2) valid IDs in case of discrepancies in signature. Depositors may also file their claims through mail and enclose their original evidence of deposit and photocopy of one (1) valid photo-bearing ID with signature together with a duly accomplished Claim Form which can be downloaded from the PDIC website, www.pdic.gov.ph.

Depositors who are below 18 years old should submit either a photocopy of their Birth Certificate issued by the Philippine Statistics Authority (PSA) or a duly certified copy issued by the Local Civil Registrar. Claimants who are not the signatories in the bank records are required to submit an original copy of a notarized Special Power of Attorney of the depositor or parent of a minor depositor. The format of the Special Power of Attorney may also be downloaded from the PDIC website.

The PDIC also reminded depositors who have been notified of their documentary deficiencies to comply with the requirements indicated in the letter.

The procedures and requirements for the filing of deposit insurance claims are posted in the PDIC website, www.pdic.gov.ph.

Depositors who have outstanding loans or payables to the bank will be referred to the duly designated Loans Officer prior to the settlement of their deposit insurance claims. For more information, depositors and depositor-borrowers may contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail at pad@pdic.gov.ph. Those outside Metro Manila may call the PDIC toll free at 1-800-1-888-PDIC or 1-800-1-888-7342. Inquiries may also be sent as private message at Facebook through www.facebook.com/OfficialPDIC.

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The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is P500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.

PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.


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