The Philippine Deposit Insurance Corporation (PDIC), the Receiver of the closed Rural Bank of Banayoyo (Ilocos Sur), Inc. 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 made to the PDIC Deputy Receiver or the Assisting Deputy Receiver evidenced by PDIC Provisional Receipts and those payments duly validated by the PNB shall be considered valid payments for loans.
The Monetary Board (MB) placed RB Banayoyo under receivership of the PDIC by virtue of MB Resolution No. 870.A dated May 31, 2012. As Receiver, PDIC took over the bank on June 1, 2012. Upon takeover, all bank records shall be gathered, verified and validated.
RB Banayoyo is a single-unit bank located in Poblacion, Banayoyo, Ilocos Sur. Latest available records show that as of March 31, 2012, the Bank had 324 accounts with total deposit liabilities of P4.26 million. According to the latest General Information Sheet filed by RB Banayoyo with the Securities and Exchange Commission, the bank is majority owned by Saturnino L. Mangugan (39.36%) and Daniel M. Galang (16.86%). Its Chairman and President is Franklin L. Mangugan.
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 at (02) 841-4782. Queries may also be sent through email at firstname.lastname@example.org.
* * * * *
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.