Closed Cabanatuan City Rural Bank, Inc.
PDIC sets December 11, 2017 as deadline for filing claims vs. bank’s assets
November 9, 2017
Creditors of the closed Cabanatuan City Rural Bank, Inc. have until December 11, 2017 only to file their claims against the bank’s assets. Claims filed after said date shall be disallowed. Creditors refer to any individual or entity with a valid claim against the assets of the closed Cabanatuan City Rural Bank and include depositors with uninsured deposits that exceed the maximum deposit insurance coverage (MDIC) of PHP500,000.
The Philippine Deposit Insurance Corporation (PDIC), the liquidator of the closed Cabanatuan City Rural Bank, 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 also have the option to 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. The Corporation also reiterated that creditors should transact only with authorized PDIC personnel.
In case claims are denied, creditors shall be notified officially by PDIC through mail. Claims denied or disallowed by the PDIC may be filed with the liquidation court within sixty (60) days from receipt of final notice of denial of claim.
In addition, PDIC said that depositors with account balances of more than the MDIC of PHP500,000 who have already filed claims for the insured portion of their deposits are deemed to have filed their claims for the uninsured portion or the amount in excess of the MDIC.
PDIC, as Receiver of closed banks, requires personal data from creditors to be able to process their claims and protects these data in compliance with the Data Privacy Act of 2012.
Cabanatuan City Rural Bank was ordered closed by the Monetary Board (MB) of the Bangko Sentral ng Pilipinas on September 28, 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 at Liwag Building, P. Burgos Ave., Brgy. Padre Burgos (Pob.), Cabanatuan City. Its six branches are located in Bongabon, Rizal, San Antonio, San Jose, Talavera, and Zaragoza, all in Nueva Ecija.
All requests and inquiries relating to the closed Cabanatuan City Rural Bank 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.