September 27, 2016

All creditors of the closed Rural Bank of Cabadbaran (Agusan), Inc., including depositors whose deposits exceed the maximum deposit insurance coverage (MDIC) of PHP500,000, are required to file their claims against the assets of the closed bank on or before October 3, 2016. Excluded from filing are depositors who were able to file their deposit insurance claims during the onsite claims settlement operations conducted by PDIC on August 17-19, 2016.

The Philippine Deposit Insurance Corporation (PDIC), Liquidator of the closed Rural Bank of Cabadbaran, announced that the deadline is pursuant to Section 16 (l) of Republic Act No. 3591, as amended (PDIC Charter) which provides the prescriptive filing date of 60 days from the publication of the bank’s notice of closure. Under the PDIC Charter, claims of creditors against the assets of a closed bank not filed within the prescriptive date “shall be disallowed.” RB Cabadbaran was ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas on July 28, 2016. PDIC took over the bank on July 29, 2016.

Claims against the assets of the closed RB Cabadbaran must be filed by October 3, 2016 with Mr. Teodoro Jose D. Hirang, Assistant Vice President, PDIC Receivership and Bank Management Department IV, at the 5th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City. Claims denied by the PDIC due to lapse of the prescriptive date must be filed with the Liquidation Court within 60 days from receipt of the final notice of denial of claim. Creditors and depositors with uninsured deposits are advised to transact or directly address all their inquiries and communications to the designated Deputy and Assisting Deputy Receivers stationed at the abovementioned address or contact the Receivership and Bank Management Group at telephone number (02) 841-4836 or via e-mail at rbmg@pdic.gov.ph.

Meanwhile, PDIC encouraged depositors who have not filed their deposit insurance claims with the PDIC, regardless of their deposit balances, to do so as soon as possible to expedite settlement and payment of their claims.

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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 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.