Deposits PHP100K and below
PDIC starts deposit insurance payment to depositors of the closed
Rural Bank of Initao (Misamis Oriental), Inc.
May 11, 2018
The Philippine Deposit Insurance Corporation (PDIC) announced that it has started mailing Postal Money Orders (PMOs) to all depositors eligible for outright payment who maintained deposits with the closed Rural Bank of Initao (Misamis Oriental), Inc. on May 11, 2018, seven (7) working days after the bankís takeover on May 2, 2018.
Eligible for outright payment of deposit insurance are depositors with valid deposit balances of PHP100,000 and below who have no outstanding loans with the closed bank, and have complete mailing address in the bank records or updated this information through the PDIC Mailing Address Update Form (MAUF).
PMOs amounting to PHP15,000 and below may be encashed either with the local postal office or with the nearest branch of the Land Bank of the Philippines. Meanwhile, PMOs above PHP15,000 may be deposited to the depositorís account in any local bank.
Rural Bank of Initao was ordered closed by the Monetary Board through Resolution No. 708.A dated April 30, 2018. It is a single-unit rural bank located in Initao, Misamis Oriental.
Depositors who have not received their checks are advised to contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail PDIC at firstname.lastname@example.org. Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342). Inquiries may also be sent to the official PDIC Facebook account at 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.