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MB closes Bagong Bangko Rural ng Malabang (Lanao del Sur), Inc.,
PDIC to pay all valid insured deposit claims

NEWS/PRESS RELEASE
PR-009-19
Date of Release: February 4, 2019
FOR IMMEDIATE RELEASE

The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited Bagong Bangko Rural ng Malabang (Lanao del Sur), Inc. from doing business in the Philippines. Under Resolution No. 159 dated January 24, 2019, the MB directed the Philippine Deposit Insurance Corporation (PDIC) as Receiver to proceed with the takeover and liquidation of the bank. PDIC took over the bank on January 25, 2019. Notice of Closure was served and confirmed via electronic mail by the Bank's Compliance Officer on January 25, 2019.

Bagong Bangko Rural ng Malabang is a single-unit rural bank located at 593 Bayan St., Brgy. China Town (Pob.), Malabang, Lanao del Sur.

Latest available records show that as of September 30, 2018, Bagong Bangko Rural ng Malabang had 1,382 deposit accounts with total deposit liabilities of PhP62.35 million. Total insured deposits amounted to PhP37.26 million equivalent to 59.76% of total deposits.

PDIC assures depositors that all claims for valid deposits shall be processed accordingly and will be paid up to the maximum deposit insurance coverage of PhP500,000.00 through the designated servicing branches of Land Bank of the Philippines. Depositors are advised to prepare the following documents when filing claims for deposit insurance:

  1. Duly accomplished Claim Form which can be secured from the Mayor's Office in Malabang, Lanao del Sur;

  2. Original evidence of deposit such as Savings Passbook, Certificate of Time Deposit, used or unused checks, bank statement, or ATM card; and

  3. Photocopy of one (1) valid photo-bearing identification document (ID) containing the signature of the depositor.

In addition to these general requirements, depositors who are below eighteen (18) years old are required to submit original copy of their Birth Certificate from the Philippine Statistics Authority (PSA) or a duly certified copy issued by the Local Civil Registrar, and valid ID of their parent. If the claimant is not the signatory in the bank records, he/she should prepare an original copy of a notarized/authenticated Special Power of Attorney (SPA) of depositor or parent of a minor depositor. A sample form of the SPA may be downloaded from the PDIC website, www.pdic.gov.ph/files/spa_claims.pdf.

Depositors are further advised to send all the documents as soon as completed via mail or private courier to this address: THE PUBLIC ASSISTANCE DEPARTMENT, Philippine Deposit Insurance Corporation (PDIC), 6th Floor SSS Building, 6782 Ayala Avenue corner V.A. Rufino Street, 1226 Makati City.

A notice of payment shall be sent not later than February 26, 2019 to all depositors with valid claims and complete address received on or before February 18, 2019. All claims received after February 18, 2019 shall be processed within five (5) working days and letters notifying status of claims and/or payment shall be issued accordingly.

For more information, depositors may visit www.pdic.gov.ph, or call the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631 or the Toll Free Hotline at 1-800-1-888-PDIC (7342) for those outside Metro Manila, or mobile numbers 0917-1035421 and 0961-3663813. Inquiries may also be sent by e-mail to pad@pdic.gov.ph or via private message to the official PDIC Facebook account at www.facebook.com/OfficialPDIC.

* * * * *

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.

Corporate Communications Dept.
PHILIPPINE DEPOSIT INSURANCE CORPORATION
Tel: (02) 841-4637 / Fax (02) 841-4833
Trunkline: (02) 841-4000
Website: www.pdic.gov.ph.
Email: ccd@pdic.gov.ph
Facebook: www.facebook.com/OfficialPDIC
Twitter: www.twitter.com/OfficialPDIC


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PDIC is a government instrumentality created in
1963 by virtue of Republic Act 3591, as amended,
to insure the deposits of all banks. PDIC exists to
protect depositors by providing deposit insurance coverage for the depositing public and help promote financial stability
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