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PDIC urges depositors of Rural Bank of Siaton (Negros Oriental), Inc. to file their claims for deposit insurance by July 9, 2018

July 5, 2018

The Philippine Deposit Insurance Corporation (PDIC) urged depositors of the closed Rural Bank of Siaton (Negros Oriental), Inc. to file their deposit insurance claims on or before the last day for filing of claims for insured deposits on July 9, 2018 either through mail addressed to the PDIC Public Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City, or personally during business hours at the PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City.

The PDIC Charter provides that depositors have until two years from bank closure to file their deposit insurance claims. Rural Bank of Siaton was ordered closed by the Monetary Board (MB) of the Bangko Sentral ng Pilipinas on July 7, 2016. Rural Bank of Siaton is the first bank to be ordered closed under the amended PDIC Charter that took effect on June 11, 2016.

According to PDIC, deposit insurance claims for 59 deposit accounts with aggregate insured deposits amounting to PhP0.30 million have yet to be filed by depositors. Data shows that as of May 31, 2018, PDIC had paid depositors of the closed Rural Bank of Siaton the total amount of PhP37.7 million, corresponding to 99.2% of the bank’s total insured deposits amounting to PhP38.0 million.

In filing claims personally, depositors are required to submit their original evidence of deposit and present one (1) valid photo-bearing ID with signature of the depositor. It is recommended, however, to bring at least two (2) valid IDs in case of discrepancies in signature. Depositors may also file 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.

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. Representatives of claimants are required to submit an original copy of a notarized Special Power of Attorney of the depositor or parent of a minor depositor. The Special Power of Attorney template may be downloaded from the PDIC website.

Depositors who have been notified of their documentary deficiencies through official letters from PDIC are requested to comply with the indicated requirements. The procedures and requirements for the filing of deposit insurance claims are posted in the PDIC website, www.pdic.gov.ph.

Meanwhile, depositors with balances of more than the maximum deposit insurance coverage (MDIC) of PhP500,000 who were not able to file their claims on September 10, 2016, the deadline earlier set, should file their claims with the Liquidation Court (Regional Trial Court, Branch 40, Dumaguete City, Negros Oriental). Likewise, depositors who will not be able to file their deposit insurance claims on July 9, 2018 should file their claims with the said Liquidation Court. Payment of these claims shall be subject to availability of assets of the closed bank, legal priority and approval of the Liquidation Court.

Depositors who have outstanding loans or payables to the bank will be referred to the duly designated Loans Officer prior to the settlement of their deposit insurance claims. For more information, depositors and depositor-borrowers may contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail at pad@pdic.gov.ph. Those outside Metro Manila may call the PDIC toll free at 1-800-1-888-PDIC or 1-800-1-888-7342. 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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1963 by virtue of Republic Act 3591, as amended,
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