The Philippine Deposit Insurance Corporation (PDIC) filed criminal charges of qualified theft against five former officers and employees of the closed Farmers' Rural Bank before the Office of the Provincial Prosecutor of Batangas on January 13, 2016.

Farmers' Rural Bank is a single-unit bank located in Lian, Batangas and placed under PDIC receivership by virtue of Monetary Board Resolution No. 1266.B dated August 14, 2015.

Respondents were also charged for conducting business in an unsafe and unsound manner in violation of Republic Act 3591, as amended, or the PDIC Charter, and falsification of commercial documents under the Revised Penal Code.

The complaint alleged that from 2006 to 2015, the respondents made several unlawful advances from the bank's coffers aggregating PHP17.7 million, and to cover up, forged withdrawal slips, issued bank certificates to depositors reflecting the actual amounts but retained counterpart copies that reflected lower amounts for the bank's file, and made unauthorized withdrawals from other deposit accounts whenever a depositor made a legitimate withdrawal from his account. Unauthorized withdrawals were transacted against 88 deposit accounts, consisting of 66 savings and 22 time deposit accounts.

Charged were respondents Nenette L. Medrano (former Manager/ Compliance Officer), Rubenita R. Catamin (former Cashier), Narcisa A. Abergos (former Bookkeeper), Angelina D. Mateo (former Internal Auditor) and Soledad A. Jonson (former Loans Bookkeeper), who allegedly took advantage of their positions, knowledge of the bank's records, and familiarity with the depositors to siphon off the bank's funds aggregating PHP17.7 million.

The PDIC remains relentless in its pursuit of legal action against erring bank owners, officers and personnel to serve justice, protect the interests of the depositors and creditors, and send a stern warning against unscrupulous individuals who intend to take advantage of the deposit insurance system.

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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.