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testPDIC advises borrowers of Rural Bank of Reina Mercedes (Isabela) to pay their obligations

The Philippine Deposit Insurance Corporation (PDIC), the Receiver of the closed Rural Bank of Reina Mercedes (Isabela), Inc., reminded borrowers of the bank to continue to pay their loans and transact only with authorized PDIC representatives.

In a statement, PDIC advised borrowers of the Rural Bank of Reina Mercedes to pay their loans and other obligations directly at any Philippine National Bank (PNB) Branch under account name PDIC BURL – RURAL BANK OF REINA MERCEDES. The Receiver cautioned borrowers that it has discontinued the engagement of the bank’s collectors. PDIC has not engaged any person to collect the loans of the bank. To ensure proper recording of payments made by borrowers, it further advised borrowers to keep copies of the PNB Deposit/Payment Slips. The Receiver emphasized that only payments with validated PNB Deposit/Payment Slips shall be considered valid payments.

The Monetary Board (MB) placed the Rural Bank of Reina Mercedes under the receivership of the PDIC by virtue of MB Resolution No. 204 dated February 7, 2014. As Receiver, PDIC took over the bank on February 10, 2014. Upon takeover, all bank records were gathered, verified and validated.

Rural Bank of Reina Mercedes is a three-unit rural bank with Head Office located in Brgy. Tallungan, Reina Mercedes, Isabela. Its two branches are located in Cauayan and San Mateo, Isabela.

Borrowers of the bank may also communicate with the PDIC – Loans Management Department II at (02) 841-4761 or 841-4776. Queries may also be sent through email at pad@pdic.gov.ph.

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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 permanent and continuing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is P500,000 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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PDIC is a government instrumentality created in
1963 by virtue of Republic Act 3591, as amended,
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