The Philippine Deposit Insurance Corporation (PDIC) urged depositors of the closed Rural Bank of Catubig (Northern Samar), Rural Bank of Alaminos (Laguna), and Sarangani Rural Bank (South Cotabato) to file their deposit insurance claims either through mail or at the PDIC Claims Counter, 4th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City, Monday to Friday, from 8:00 a.m. to 5:00 p.m.

The law provides that depositors have two years from bank closure to file their deposit insurance claims with the PDIC.

In accordance with the provisions of the PDIC Charter, the last day for filing deposit insurance claims in the closed Rural Bank of Catubig is on November 11, 2015; November 16, 2015 for Rural Bank of Alaminos; and December 7, 2015 for Sarangani Rural Bank. The PDIC made the call after it concluded the on-site claims settlement operations for the three closed banks more than six months ago. After the said dates, PDIC, as Deposit Insurer, shall no longer accept any deposit insurance claim. Instead, the depositors shall file their claims with the PDIC as Receiver and Liquidator of the closed banks. Payment of said claims shall be based on the realizable value of the assets of the closed banks, if any. Depositors shall be paid following priority and preference of credits upon approval of the Liquidation Court.

Rural Bank of Catubig was ordered closed by the Monetary Board (MB) and was placed under PDIC receivership by virtue of MB Resolution No. 1838 dated November 7, 2013; Rural Bank of Alaminos by virtue of MB Resolution No. 1875 dated November 14, 2013; and Sarangani Rural Bank by virtue of MB Resolution No. 2022 dated December 5, 2013.

Depositors of said closed banks are advised to present the general requirements, such as their accomplished Claim Form, original evidence of deposit and two (2) valid photo-bearing IDs with signature of the depositor, to the PDIC representatives when filing their claims. The PDIC will not accept claims which are incomplete or lacking in requirements. Depositors may also file their claims through mail and enclose the same set of required documents.

The PDIC also reminded depositors who have been notified of deficiencies in the documents submitted to support their deposit insurance claims, to comply with the requirements to facilitate release of their claims.

In addition to the general 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. Claimants who are not the signatories in the bank records are required to submit an original copy of a notarized 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.

The PDIC reported that it had paid P6.3 million for Rural Bank of Catubig, P103.7 million for Rural Bank of Alaminos, and P37.1 million for Sarangani Rural Bank, or an aggregate of P147.1 million in deposit insurance claims to depositors of the three closed banks involving a total of 4,286 accounts as of May 31, 2014. The PDIC reiterated that all valid accounts and claims will be paid. The PDIC also reported that estimated deposit insurance claims collectively amounting to P10.3 million for 1,089 accounts have not been filed by depositors of Rural Bank of Catubig (175 accounts), Rural Bank of Alaminos (256 accounts), and Sarangani Rural Bank (658 accounts).

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 at 1-800-1-888-PDIC or 1-800-1-888-7342.

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