The Office of the City Prosecutor, Makati City, has found probable cause to indict Bernard A. Sicorsicon, a former LBP Services Corporation (LBPSC) employee, for usurpation of authority or official functions. Sicorsicon was a contractual personnel previously deployed by the LBPSC to the Philippine Deposit Insurance Corporation (PDIC). Sicorsicon's assignment at the PDIC was terminated effective May 22, 2013.

PDIC is the designated liquidator of the closed Upland Savings and Loan Association, Inc. (UPLAND). In its complaint, the PDIC alleged that respondent Sicorsicon falsely represented himself to be duly authorized to deal with the concerns of closed bank clients. In September 2012, Sicorsicon through false representations induced a client to pay a total of PHP60,000.00, purportedly as payment to repurchase a property owned by the client's parents. The complaint further alleged that Sicorsicon never remitted the payment to the closed bank but instead pocketed the money. It was in September 2013 when the client learned that Sicorsicon was no longer affiliated with the PDIC.

According to the state deposit insurer, Sicorsicon was never authorized to negotiate or transact with closed bank clients, receive any loan payments, nor issue any official receipts. His responsibilities were limited to rendering basic administrative and clerical work and welcoming clients who had transactions with closed banks.

This is the third (3^rd) time that Sicorsicon was indicted for the crime mentioned. He was earlier arrested on February 13, 2015 in Pasay City by members of the Villamor Police Community Precinct. Several warrants of arrest are currently in force against Sicorsicon.

The PDIC cautioned borrowers and clients of closed banks to transact only with authorized PDIC personnel stationed at the closed banks' headquarters during takeover operations. Borrowers and clients of closed banks are advised to transact with PDIC at its Public Assistance Center (PAC) located at the 3/F SSS Bldg., 6782 Ayala Ave. cor. Rufino St., Makati City. Payments for closed bank transactions should be made only with the Cashier who is authorized to issue Official Receipts and is stationed at the PDIC Public Assistance Center. Loan payments may also be made by depositing directly to the account of the closed bank with the Philippine National Bank (PNB) as indicated in PDIC's advisories to borrowers.

The PDIC enjoined the public to report wrongdoings and illegal transactions to the PDIC Public Assistance Center. Complaints may also be reported via mail to the PDIC at SSS Bldg., 6782 Ayala Ave. cor. Rufino St., Makati City, through the PDIC Public Assistance hotlines, (02) 841-4630 to 31, or via e-mail to pad@pdic.gov.ph. Depositors outside Metro Manila may also call toll free at 1-800-1-888-PDIC or 1-800-1-888-7342.

The filing of charges against unscrupulous entities and individuals is an important undertaking of the PDIC to achieve its objective to bring to justice parties that victimize the depositing public and circumvent the deposit insurance scheme.

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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.