NEWS/PRESS RELEASE
PR-050-19
Date of Release: May 20, 2019
FOR IMMEDIATE RELEASE

The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited Rural Bank of Basey (Samar), Inc. from doing business in the Philippines through MB Resolution No. 724.B dated May 16, 2019 which also directed the Philippine Deposit Insurance Corporation (PDIC) as Receiver to proceed with the takeover and liquidation of Rural Bank of Basey. PDIC took over the bank on May 17, 2019.

Rural Bank of Basey is a single-unit rural bank located at Serafin Marabut St., Loyo (Pob.), Basey, Western Samar.

Latest available records show that as of March 31, 2019, Rural Bank of Basey has 631 deposit accounts with total deposit liabilities of PhP41.4 million, of which 19.7% or PhP8.15 million are insured deposits.

PDIC assured depositors that all valid deposits and claims shall be paid up to the maximum deposit insurance coverage of PhP500,000.00. Individual account holders of valid deposits with balances of PhP100,000.00 and below do not need to file deposit insurance claims, provided they have no outstanding obligations or have not acted as co-makers of obligations with Rural Bank of Basey. These individual depositors must ensure that they have complete and updated addresses with the bank. PDIC representatives will be distributing Mailing Address Update Forms at the bank premises and depositors may submit the forms until May 22, 2019.

For business entities and all other depositors who are required to file claims for deposit insurance, the schedule for filing of claims will be announced through posters in the bank premises and in other public places, the PDIC website www.pdic.gov.ph, and PDIC’s official Facebook account.

PDIC also reminded borrowers to continue paying their loan obligations with the closed Rural Bank of Basey and to transact only with designated PDIC representatives at the bank premises.

For more information on the requirements and procedures for filing of claims for deposit insurance and settlement of loan obligations, all depositors and borrowers of the bank are enjoined to attend the Depositors-Borrowers’ Forum on May 28, 2019. Details will be posted in the bank premises and in other public places.

Pursuant to Section 13 of R.A. 3591, as amended, PDIC shall likewise accept Letters of Intent from interested banks and non-bank institutions for possible Purchase of Assets and Assumption of Liabilities (P&A) as a mode of liquidating Rural Bank of Basey within sixty (60) days from PDIC takeover subject to compliance with the requirements prescribed under the Guidelines in Pre-qualifying Proponents and Evaluating the Proposals for Purchase of Assets and Assumption of Liabilities Mode of Liquidating Closed Banks posted in the PDIC website.

All stakeholders and interested parties may communicate with PDIC Public Assistance personnel stationed at the bank premises or call the PDIC Public Assistance Hotline at (02) 841-4630 or the Toll Free Hotline at 1-800-1-888-PDIC (7342) for those outside Metro Manila. 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.

Rural Bank of Basey (Samar), Inc.

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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.

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