The Philippine Deposit Insurance Corporation (PDIC), the Receiver of the closed New Rural Bank of Tagkawayan, Inc. (Quezon) reminded borrowers of said bank to continue to pay their loans and transact only with authorized PDIC representatives.

In a statement, PDIC said that loan repayments should be made only to the PDIC Deputy Receiver or the Assisting Deputy Receiver stationed at the bank premises, or deposited to the designated Philippine National Bank (PNB) accounts. It further advised borrowers to keep copies of the PNB Payment Slips. The Receiver said that only payments duly validated by the PNB would be considered valid payments for loans.

The Monetary Board (MB) placed the New RB of Tagkawayan under receivership of the PDIC by virtue of MB Resolution No. 772.A dated May 17, 2012. As Receiver, PDIC took over the bank on May 18, 2012. Upon takeover, all bank records shall be gathered, verified and validated.

New RB Tagkawayan is an eight-unit bank with Head Office located along Lagdameo Boulevard, Tagkawayan, Quezon. Two of its seven branches are in Sariaya, Quezon. The five other branches are in Calauag, Candelaria and Lucena City in Quezon; and in San Juan and Rosario in Batangas. Latest available records show that as of December 31, 2011, the Bank had 14,099 accounts with total deposit liabilities of P363.44 million. According to the latest General Information Sheet filed by the New RB of Tagkawayan with the Securities and Exchange Commission, the bank is majority owned by Daniel De Gala (39.85%) and Anicia De Gala (39.85%). Its Chairman and President is Anicia R. De Gala.

Borrowers of the bank may also communicate with the Deputy Receiver/Assisting Deputy Receiver at the bank premises or call the Receivership and Bank Management Department III at (02) 841-4773. Queries may also be sent through email at pad@pdic.gov.ph.

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 permanent and continuing 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.