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testPDIC to pay depositors of the closed Rural Bank of Reina Mercedes (Isabela) starting February 20

The Philippine Deposit Insurance Corporation (PDIC) will start servicing the deposit insurance claims of depositors of the closed Rural Bank of Reina Mercedes (Isabela), Inc. on February 20 to 21, 2014 from 8:00 a.m. to 5:00 p.m. Servicing of claims for the bank’s Head Office and Cauayan Branch will be conducted in Barangay Cabaruan, Cuayan City, Isabela. Meanwhile, servicing of claims for the bank’s San Mateo Branch will be in Barangay 3, San Mateo, Isabela.

Depositors with validated deposit balances of P50,000.00 and below, with complete mailing address found in the bank records or updated through the Mailing Address Update Form, and without any outstanding obligation with the bank do not need to file a claim.

Depositors whose accounts have balances of more than P50,000 and who have outstanding obligations with the closed Rural Bank of Reina Mercedes regardless of type of account are required to file their deposit insurance claims. The announcement on the claims settlement operations of Rural Bank of Reina Mercedes is posted at the bank’s premises and on the PDIC website, www.pdic.gov.ph.

When filing deposit insurance claims, depositors are advised to personally present their duly accomplished Claim Form, original copy of Savings Passbook, and original copy of two (2) valid photo-bearing IDs with signature of the depositor. Depositors may also file their claims through mail and enclose the same set of document requirements.

Depositors who are below 18 years old should submit either a photocopy of their Birth Certificate issued by the National Statistics Office (NSO) or a duly certified copy issued by the Local Civil Registrar as an additional requirement. Claimants who are not the signatories in the bank records are required to submit an original copy of a notarized/authenticated Special Power of Attorney of the depositor or parent of a minor depositor.

The procedures and requirements for the filing of deposit insurance claims are posted in the PDIC website, www.pdic.gov.ph. The Claim Form and format of the Special Power of Attorney may also be downloaded from the PDIC website.

Depositors who are not able to file their claims during the claims settlement operations period may submit their claims either through mail to PDIC or personally at the PDIC Office, 4th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City starting March 3, 2014.

In accordance with the provisions of the PDIC Charter, the last day for filing deposit insurance claims in the closed Rural Bank of Reina Mercedes is on February 10, 2016. After this date, PDIC as Deposit Insurer, shall no longer accept any deposit insurance claim.

The PDIC said that all valid claims will be paid. For deposits to be considered valid, it must be recorded in the bank’s records and must have evidence of inflow of funds, based on the results of PDIC examination. PDIC, as Receiver, has the authority to adjust the insurance rate on the unpaid interest offered by a bank if this is deemed unreasonable.

For more information, depositors may contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail at pad@pdic.gov.ph. Depositors outside Metro Manila may call the PDIC 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 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,
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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