The Philippine Deposit Insurance Corporation (PDIC) announced that it will continue to receive and process deposit insurance claims from depositors of the closed Rural Bank of Magsingal (Ilocos Sur) at the PDIC Claims Counter, 4th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City until March 6, 2017. Claims may also be filed through mail.

Rural Bank of Magsingal, which was ordered closed on March 5, 2015, has P17.9 million in total estimated insured deposits involving 457 accounts. A total of P12.4 million in insured deposits covering 141 accounts was paid during the onsite claim settlement operations (CSO). Another P3.0 million was settled thru postal money orders sent via registered mail to 274 accounts of depositors with balances of P50,000 and below where filing of claims was waived by PDIC

As of March 19, 2015, PDIC has yet to receive deposit insurance claims for P2.2 million covering 33 accounts. In accordance with the provisions of the PDIC Charter, the last day for filing deposit insurance claims in the said bank is on March 6, 2017. After said date, PDIC shall no longer accept any deposit insurance claim.

When filing deposit insurance claims, depositors are advised to personally present their duly accomplished Claim Form, original evidence of deposit, and two (2) valid photo-bearing IDs with signature. The same set of documents must be enclosed when claims are filed through mail.

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. Claimants who are not the signatories in the bank records are required to submit an original copy of a notarized Special Power of Attorney. In the case of a minor depositor, the Special Power of Attorney must be executed by the parent.

The procedures and requirements for filing 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.

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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