January 5, 2017

All creditors of the closed Community Rural Bank of Magallon (Moises Padilla, Negros Occidental), Inc. have until January 30, 2017 to file their claims against the assets of the closed bank either personally or by mail. Creditors refer to any individual or entity with a valid claim against the assets of the closed Community Rural Bank of Magallon and include depositors whose deposits exceed the maximum deposit insurance coverage (MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that creditors and depositors with uninsured deposits may file their claims either personally or by mail. Claims may be filed personally at the PDIC Public Assistance Center located at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Meanwhile, claims filed through mail must be addressed to Mr. Apolonio M. Matabang, Deputy Receiver of Community Rural Bank of Magallon, and sent to the PDIC Receivership and Bank Management Department I, 5th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City. A sample Claim Form against the assets of the closed bank may be downloaded from the PDIC website, www.pdic.gov.ph.

Claims filed after January 30, 2017 shall be disallowed. PDIC, as Receiver, shall notify creditors of denial of claims through mail. Claims denied or disallowed by the PDIC may be filed with the liquidation court within sixty (60) days from receipt of final notice of denial of claim. PDIC also clarified that depositors who filed their deposit insurance claims on or at any time prior to January 30, 2017 are deemed to have filed their claims against the closed bank's assets.

Community Rural Bank of Magallon was ordered closed by the Monetary Board (MB) of the Bangko Sentral ng Pilipinas on November 17, 2016 and PDIC, as the designated Receiver, was directed by the MB to proceed with the takeover and liquidation of the closed bank in accordance with Section 12(a) of Republic Act No. 3591, as amended. The bank is located on Gomez St., Moises Padilla, Negros Occidental.

All inquiries and communications relating to Community Rural Bank of Magallon may be addressed to the Deputy and Assisting Deputy Receivers stationed at the PDIC Office. The Deputy and Assisting Deputy Receivers may be contacted at telephone numbers (02) 841-4753 and (02) 841-4755 or at e-mail addresses, ammatabang@pdic.gov.ph and asacosta@pdic.gov.ph.

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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.