The Philippine Deposit Insurance Corporation (PDIC) took over AMA Rural Bank of Mandaluyong, Inc. on November 8, 2019 after the Monetary Board ordered the closure of the bank on November 7, 2019.

Since then, the bank employees refused to account for and turn over to the PDIC the records under their individual accountabilities. Without these records, the PDIC will be unable to immediately pay the claims of depositors for insured deposits.

Based on reports submitted to the PDIC as of June 30, 2019, the bank’s total deposits amount to PhP1.4 billion involving 8,434 deposit accounts. For a closed bank of this size, the PDIC pays the depositors up to 15 working days from date of takeover.

On takeover date, bank employees were enjoined to account for and turn over records and other accountabilities to the PDIC, but refused. The PDIC gave the bank employees 24 hours from receipt of the written demand to report to the Receiver. Until the bank employees comply, the payment schedule of insured deposits shall further be delayed.

The PDIC cannot overemphasize the importance of the bank employees’ compliance as they are mandated by law.

Under Section 26 (f) (1) (h) of the PDIC Charter or Republic Act 3591, as amended, refusal to turn over or destroying or tampering bank records by any director, officer, employee or agent of a bank are criminal acts. These are punishable with imprisonment of not less than six (6) years up to twelve (12) years or a fine of not more than P10 million, or both, at the discretion of the court.

The PDIC will not hesitate to use the full force of the law to safeguard the interest of the depositing public.

The PDIC assures the public that all possible measures are being taken to expedite the turnover of bank records. The PDIC will hold a series of meetings with depositors and borrowers starting November 21 to provide updates. The schedule and venue of these meetings will be announced through media, postings in our website and social media accounts, and our public assistance personnel who are stationed at the bank premises of the Head Office and branches.

Depositors and borrowers may also call the PDIC Public Assistance Department at (02) 8841-4141 during office hours. For those outside Metro Manila, we have our Toll Free Hotline at 1-800-1-888-PDIC (7342) which is available during office hours. Inquiries may also be sent by e-mail to pad@pdic.gov.ph or via private message to the official PDIC Facebook account at www.facebook.com/OfficialPDIC. Updates will made available through our website, www.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 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) 8841-4636 to 39
Trunkline: (02) 8841-4000
Website: www.pdic.gov.ph.
Email: ccd@pdic.gov.ph
Facebook: www.facebook.com/OfficialPDIC
Twitter: www.twitter.com/OfficialPDIC