The Philippine Deposit Insurance Corporation (PDIC) urged depositors of the closed Rural Bank of Pres. M.A. Roxas (Zamboanga del Norte), Gulf Bank (Rural Bank of Lingayen), and Cavite Rural Banking Corporation to file their deposit insurance claims either through mail or at the PDIC Claims Counter, 4th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City, Monday to Friday, from 8:00 a.m. to 5:00 p.m.

The law provides that depositors have two years from bank closure to file their deposit insurance claims with the PDIC.

In accordance with the provisions of the PDIC Charter, the last day for filing deposit insurance claims in the closed Rural Bank of Pres. M.A. Roxas is on March 21, 2016; April 4, 2016 for Gulf Bank; and May 9, 2016 for Cavite Rural Banking Corporation. The PDIC made the call after it concluded the on-site claims settlement operations for the three closed banks more than six months ago. After the said dates, PDIC, as Deposit Insurer, shall no longer accept any deposit insurance claim. Instead, the depositors shall file their claims with the PDIC as Receiver and Liquidator of the closed banks. Payment of said claims shall be based on the realizable value of the assets of the closed banks, if any. Depositors shall be paid following the priority and preference of credits upon approval of the Liquidation Court.

Rural Bank of Pres. M.A. Roxas was ordered closed by the Monetary Board (MB) and was placed under PDIC receivership by virtue of MB Resolution No. 464 dated March 20, 2014; Gulf Bank by virtue of MB Resolution No. 543 dated April 3, 2014; and Cavite Rural Banking Corporation by virtue of MB Resolution No. 706.A dated May 9, 2014.

Depositors of said closed banks are advised to present the general requirements for filing deposit insurance claims, such as their accomplished Claim Forms, original evidence of deposit and two (2) valid photo-bearing IDs with signature of the depositor, to the PDIC representatives. The PDIC will not accept claims which are incomplete or lacking in requirements. Depositors may also file their claims through mail and enclose the same set of required documents.

The PDIC also reminded depositors who have been notified of deficiencies in the documents submitted to support their deposit insurance claims to comply with the requirements to facilitate release of their claims.

In addition to the general 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. Claimants who are not the signatories in the bank records are required to submit an original copy of a notarized Special Power of Attorney of the depositor or parent of a minor depositor.

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.

The PDIC reported that as of October 31, 2014, it had paid P27.6 million for Rural Bank of Pres. M.A. Roxas, P333.7 million for Gulf Bank, and P66.6 million for Cavite Rural Banking Corporation, or an aggregate of P427.8 million in deposit insurance claims to depositors of the three closed banks involving a total of 14,547 accounts. The PDIC reiterated that all valid accounts and claims will be paid. The PDIC also reported that estimated deposit insurance claims collectively amounting to P21.2 million for 4,622 accounts have not been filed by depositors of Rural Bank of Pres. M.A. Roxas (3,023 accounts), Gulf Bank (1,544 accounts), and Cavite Rural Banking Corporation (55 accounts).

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 at 1-800-1-888-PDIC or 1-800-1-888-7342.

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