The Philippine Deposit Insurance Corporation (PDIC), the Receiver of the closed Rural Bank of Basay (Negros Oriental), Inc., reminded borrowers of the bank to continue to pay their loans and transact only with authorized PDIC representatives. Rural Bank of Basay was placed under the receivership of the PDIC by virtue of Monetary Board Resolution No. 370.A dated March 3, 2016.

In a statement, PDIC advised borrowers of Rural Bank of Basay to pay their loans and other obligations directly at any Philippine National Bank (PNB) Branch under account name, PDIC FAO BURL RURAL BANK OF BASAY, INC. PDIC emphasized that it has not engaged any person, agent or agency to collect the loan payments for and in behalf of the bank.

To ensure proper recording of their payments, PDIC further advised borrowers to keep copies of the PNB Deposit/Payment Slips. The PDIC emphasized that for payments to be valid, it must be supported by a machine-validated PNB Deposit/Payment Slip. Official receipts will be issued by PDIC upon validation of payments and will be sent through mail to the borrowers. For proper accounting of their payments, borrowers who do not receive their official receipts are advised to send a photocopy of their deposit slips by mail to the Deputy Receiver for loans Ms. Josefina R. Fajardo at the PDIC Office, 5th Floor, SSS Bldg., Ayala Avenue corner V.A. Rufino St., Makati City or send via e-mail to Ms. Marylyn I. Datu at midatu@pdic.gov.ph and to Ms. Thelma A. Peña at tbarias@pdic.gov.ph.

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

Rural Bank of Basay is a single unit rural bank located at 525 South Pacific Bldg., Gov. M. Perdices St., Dumaguete City, Negros Oriental.

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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.