PDIC advises borrowers of Rural Bank of Initao (Misamis Oriental), Inc. to pay their obligations
May 11, 2018
The Philippine Deposit Insurance Corporation (PDIC), the Receiver of the closed Rural Bank of Initao (Misamis Oriental), Inc., reminded borrowers of the bank that they are under obligation to pay their loans notwithstanding the closure of the bank. PDIC advised borrowers to transact only with authorized PDIC representatives, emphasizing that it has not engaged any person, agent or agency to collect the loan payments for and in behalf of the bank. PDIC advised borrowers to always secure copies of Official Receipts issued by the PDIC, as liquidator of the closed Rural Bank of Initao.
Rural Bank of Initao was closed by virtue of Monetary Board Resolution No. 708.A dated April 30, 2018. It is a single-unit rural bank located in Initao, Misamis Oriental.
Deposits of borrowers who have past due loans with the bank are automatically applied to their loans, by operation of law. If the loans are on current status, the borrowers may opt to apply their deposits against their loans, to avoid paying interest on their loans.
Borrowers of Rural Bank of Initao may pay their loans and other obligations through any of the following modes:
PDIC, as Receiver, will issue Official Receipts for all payments received upon verification and shall send the Official Receipt to the borrowers through mail. Borrowers who do not receive their Official Receipts are advised to send by mail/e-mail/fax a copy of their PNB deposit/payment slips to Ms. Trinidad F. Magsakay, Deputy Receiver for loans, 5th Floor, SSS Bldg., Ayala Avenue corner V.A. Rufino St., Makati City or via e-mail to firstname.lastname@example.org and to Ms. Thelma A. Peña at email@example.com.
Borrowers of the bank may contact the PDIC-Public Assistance Department for any queries or concerns at (02) 841-4630 or 841-4631 or send these through email at firstname.lastname@example.org or private message at PDIC’s Facebook account, www.facebook.com/OfficialPDIC. Borrowers outside Metro Manila may also call PDIC at its Toll Free Hotline at 1-800-1-888-PDIC (7342).
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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.