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PDIC pays PHP12.14-M in deposit insurance to depositors of the closed Rural Bank of Iligan City, Inc.

December 14, 2017

The Philippine Deposit Insurance Corporation (PDIC) has paid a total of PHP12.14 million in deposit insurance to depositors of the closed Rural Bank of Iligan City, Inc. as of October 31, 2017. This is 90.0% of the total estimated insured deposits of PHP13.48 million.

Total payments consisted of PHP3.87 million for 301 accounts with balances of PHP100,000 and below where filing of claims was waived, and PHP8.27 million for 52 accounts with filed claims. Total number of accounts paid is 353 or 89.1% of the total number of insured accounts. Payments for accounts with balances of PHP100,000 and below are made through Postal Money Orders (PMOs) issued by the Philippine Postal Corporation (PHLPost).

PDIC announced that it will continue to receive and process deposit insurance claims from depositors of the closed Rural Bank of Iligan City at the PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City until April 22, 2019. Claims may also be filed by mail addressed to the PDIC Public Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City. PDIC reminds depositors to deal only with PDIC authorized officers.

As of October 31, 2017, PDIC has yet to receive deposit insurance claims for PHP0.9 million covering 27 accounts. In accordance with the provisions of the PDIC Charter, the last day for filing deposit insurance claims in said bank is on April 22, 2019. After said date, PDIC shall no longer accept any deposit insurance claim.

When filing deposit insurance claims at the PDIC Public Assistance Center, depositors are required to submit directly to PDIC their original evidence of deposit and present one (1) valid photo-bearing ID with signature of the depositor. It is, however, recommended 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. The procedures and requirements for filing deposit insurance claims are likewise posted in the PDIC website.

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 as an additional requirement, with the Claim Form signed by the parent. Claimants who are not the signatories in the bank records are required to submit an original copy of a notarized Special Power of Attorney. In the case of a minor depositor, the Special Power of Attorney must be executed by the parent. The format of the Special Power of Attorney may be downloaded from the PDIC website.

PDIC, as Deposit Insurer, requires personal data from depositors to be able to process their claims and protects these data in compliance with the Data Privacy Act of 2012.

In addition, all depositors who have outstanding loans or payables to the bank have to coordinate with the duly authorized PDIC Loans Officer prior to the settlement of their deposit insurance claim.

Rural Bank of Iligan City was ordered closed by the Monetary Board through Resolution No. 634.A dated April 20, 2017. It is a single-unit rural bank located at #0045 Gen. Aguinaldo St., Brgy. Poblacion, Iligan City.

For more information, depositors may contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail PDIC at pad@pdic.gov.ph. Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (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 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.


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