The Philippine Deposit Insurance Corporation (PDIC) will start servicing the deposit insurance claims of depositors of the closed Rural Bank of Oroquieta (Misamis Occidental), Inc. on August 6, 2014 from 8 AM to 5 PM.

Servicing of claims for the bank's Head Office and its Calamba branch will be on August 6 to 8, 2014. The payout site for depositors of the Head Office is at its premises located at Barrientos corner Revil Streets, Oroquieta City, Misamis Occidental. Servicing of claims for depositors of the Calamba Branch is at its premises located in Calamba, Misamis Occidental.

Depositors with valid deposit balances of P50,000 and below, with complete mailing address found in the bank records or updated through the Mailing Address Update Form, and without any outstanding obligation with the bank do not need to file claims.

Depositors whose accounts have balances of more than P50,000 or who have outstanding obligations with the closed Rural Bank of Oroquieta (Misamis Occidental), Inc. regardless of type of account are required to file their deposit insurance claims. The announcement on the claims settlement operations of Rural Bank of Oroquieta (Misamis Occidental), Inc. is posted at its Head Office and Calamba Branch and on the PDIC website, www.pdic.gov.ph.

When filing deposit insurance claims, depositors are advised to personally present their duly accomplished Claim Form, original copy of evidence of deposit such as Savings Passbook and Certificate of Time Deposit, and two (2) valid photo-bearing IDs with signature of the depositor. Depositors may also file their claims through mail and enclose the same set of document requirements.

Depositors who are below 18 years old should submit either a photocopy of their Birth Certificate issued by the National Statistics Office (NSO) or a duly certified copy issued by the Local Civil Registrar as an additional requirement, with the Claim Form signed by the parent and the other requirements. Claimants who are not the signatories in the bank records are required to submit an original copy of a notarized Special Power of Attorney (SPA). In the case of a minor depositor, the SPA must be executed by the parent.

The procedures and requirements for the filing of deposit insurance claims are posted in the PDIC website, www.pdic.gov.ph. The Claim Form and format of the Special Power of Attorney may also be downloaded from the PDIC website.

Depositors who are not able to file their claims during the claims settlement operations period may submit their claims either through mail to PDIC or personally at the PDIC Office, 4th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City starting August 19, 2014.

In accordance with the provisions of the PDIC Charter, the last day for filing deposit insurance claims in the closed Rural Bank of Oroquieta (Misamis Occidental), Inc. is on July 22, 2016. After this date, PDIC as Deposit Insurer, shall no longer accept any deposit insurance claim.

The PDIC said that all valid claims will be paid. For deposits to be considered valid, it must be recorded in the bank's records and must have evidence of inflow of funds, based on the results of PDIC examination. PDIC, as Receiver, has the authority to adjust the interest rate on unpaid interests on deposits of a bank if such rate is deemed unreasonable.

For more information, depositors may contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail at pad@pdic.gov.ph. Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342).

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