December 21, 2016

The Philippine Deposit Insurance Corporation (PDIC) announced that deposit insurance claims from depositors of the closed Community Rural Bank of Magallon (Moises Padilla, Negros Occidental), Inc. who have not filed their claims may be filed at the PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City. Claims for deposit insurance may be filed until November 19, 2018. Claims may also be filed by mail.

When filing deposit insurance claims at the PDIC Public Assistance Center, depositors are required to submit their original evidence of deposit and present two (2) valid photo-bearing IDs with signature of the depositor directly to PDIC. Depositors may also file their claims through mail and enclose their original evidence of deposit and photocopy of two (2) valid photo-bearing IDs with signature together with a duly accomplished Claim Form which can be downloaded from the PDIC website, www.pdic.gov.ph. PDIC reminds depositors to deal only with PDIC authorized officers.

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 as an additional requirement, with the Claim Form signed by the parent. Claimants who are not the signatories in the bank records are required to submit an original copy of a notarized Special Power of Attorney. In the case of a minor depositor, the Special Power of Attorney must be executed by the parent. The format of the Special Power of Attorney may be downloaded from the PDIC website.

In addition, all depositors who have outstanding loans or payables to the bank have to coordinate with the duly authorized PDIC Loans officer prior to the settlement of their deposit insurance claim.

The procedures and requirements for filing deposit insurance claims are likewise posted in the PDIC website.

Community Rural Bank of Magallon was ordered closed by the Monetary Board through Resolution No. 2031.B dated November 17, 2016. It is a single-unit rural bank located at Gomez St., Moises Padilla, Negros Occidental.

For more information, depositors may contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail PDIC at pad@pdic.gov.ph. Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342).

* * * * *

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.