NEWS/PRESS RELEASE
PR-064-19
Date of Release: July 23, 2019
FOR IMMEDIATE RELEASE

The Philippine Deposit Insurance Corporation (PDIC) urged creditors of the closed The Palawan Bank (Palawan Development Bank), Inc. to file their claims against the bank’s assets on or before July 30, 2019. PDIC reiterated that claims filed after said date shall be disallowed. Creditors refer to any individual or entity with a valid claim against the assets of a closed bank and include depositors with uninsured deposits that exceed the maximum deposit insurance coverage (MDIC) of PhP500,000.

PDIC announced that creditors of the closed bank may file their claims 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, except holidays. Creditors may also file their claims through mail addressed to the PDIC Public Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City. Claims filed by mail must have a postmark dated not later than July 30, 2019. The prescribed Claim Form against the assets of the closed bank may be downloaded from the PDIC website, www.pdic.gov.ph. PDIC reminds creditors to transact only with authorized PDIC personnel.

In case claims are denied, creditors shall be notified officially by PDIC through mail. Creditors whose claims are denied or disallowed may file their claims with the liquidation court within sixty (60) days from receipt of final notice of denial of claim.

In addition, PDIC said that depositors with account balances of more than the MDIC of PhP500,000 who have already filed claims for the insured portion of their deposits as of July 30, 2019 are deemed to have filed their claims for the uninsured portion or the amount in excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from creditors to be able to process their claims and protects these data in compliance with the Data Privacy Act of 2012.

The Palawan Bank was ordered closed by the Monetary Board (MB) of the Bangko Sentral ng Pilipinas on May 2, 2019 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’s Head Office is located at Unit 1 Goldraz Properties Bldg., Malvar St., Brgy. San Miguel, Puerto Princesa City, Palawan. It has nine branches: five are located in Palawan (Brooke’s Point, Narra, Quezon, Roxas, and Taytay) and four are located in Cebu (Carcar, Liloan, Minglanilla, and Naga).

All requests and inquiries relating to the closed The Palawan Bank should be addressed to the PDIC Public Assistance Department through mail at the 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City, through e-mail at pad@pdic.gov.ph, or through telephone numbers (02) 841-4630. Depositors and creditors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342). Walk-in clients may also visit the PDIC Public Assistance Center 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, except holidays. Inquiries may also be sent as private message at Facebook through www.facebook.com/OfficialPDIC.

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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 PhP500,000 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.

Corporate Communications Dept.
PHILIPPINE DEPOSIT INSURANCE CORPORATION
Tel: (02) 841-4637 / Fax (02) 841-4833
Trunkline: (02) 841-4000
Website: www.pdic.gov.ph.
Email: ccd@pdic.gov.ph
Facebook: www.facebook.com/OfficialPDIC
Twitter: www.twitter.com/OfficialPDIC