Creditors of Rural Bank of Barotac Viejo (Iloilo), Inc. have until July 11, 2017 only to file claims vs. bank’s assets
July 7, 2017
The Philippine Deposit Insurance Corporation (PDIC) urged creditors of the closed Rural Bank of Barotac Viejo (Iloilo), Inc. to file their claims against the bank’s assets on or before July 11, 2017. PDIC reiterated that claims filed after said date shall be disallowed. Creditors refer to any individual or entity with a valid claim against the assets of a closed bank and include depositors with uninsured deposits that exceed the maximum deposit insurance coverage (MDIC) of PHP500,000.
PDIC announced that creditors of the closed bank may file their claims personally at the PDIC Public Assistance Center located at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM, except holidays. Creditors may also file their claims through mail addressed to the PDIC Public Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City. A sample Claim Form against the assets of the closed bank may be downloaded from the PDIC website, www.pdic.gov.ph. PDIC, the liquidator of the closed Rural Bank of Barotac Viejo, called on creditors to transact only with authorized PDIC personnel.
In case claims are denied, creditors shall be notified officially by PDIC through mail. Creditors whose claims are denied or disallowed may file their claims with the liquidation court within sixty (60) days from receipt of final notice of denial of claim. PDIC also clarified that depositors who filed their deposit insurance claims on or at any time prior to July 11, 2017 are deemed to have filed their claims against the closed bank’s assets.
Rural Bank of Barotac Viejo was ordered closed by the Monetary Board (MB) of the Bangko Sentral ng Pilipinas on February 23, 2017 and as the designated Receiver, PDIC was directed by the MB to proceed with the takeover and liquidation of the closed bank in accordance with Section 12(a) of Republic Act No. 3591, as amended. The bank’s Head Office is located along Zulueta Drive, Brgy. Poblacion, Barotac Viejo, Iloilo. Its lone branch is located in Concepcion, Iloilo.
All requests and inquiries relating to the closed Rural Bank of Barotac Viejo should be addressed to the PDIC Public Assistance Department through mail at the 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City, or through telephone numbers (02) 841-4630 or 841-4631. Depositors and creditors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342). Walk-in clients may also visit the PDIC Public Assistance Center at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM, except holidays.
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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 PHP500,000 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.