The Philippine Deposit Insurance Corporation (PDIC) urged depositors of the closed Cooperative Bank of Tarlac, Inc., Synergy Rural Bank (Batangas), Inc. and Rural Bank of Burauen (Leyte), Inc. to file their deposit insurance claims before the expiry period. The PDIC Charter (Republic Act 3591, as amended) provides that depositors have until two years from bank closure to file their deposit insurance claims with the PDIC either through mail or personally during business hours at the PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City. The PDIC reiterated that all valid claims will be paid.

In accordance with the provisions of the PDIC Charter, the last day for filing deposit insurance claims in the closed Cooperative Bank of Tarlac is on October 27, 2016; November 7, 2016 for Synergy Rural Bank; and December 12, 2016 for Rural Bank of Burauen. PDIC made the call after it concluded the onsite claims settlement operations for the three closed banks more than six months ago.

The PDIC shall no longer accept any deposit insurance claims filed after the said dates. Depositors may, however, still file their claims against the closed banks through PDIC as liquidator. Payment of claims will depend on the sufficiency of the assets of the closed banks and shall be subject to the approval of the Liquidation Court.

Cooperative Bank of Tarlac, Synergy Rural Bank and Rural Bank of Burauen were ordered closed by the Monetary Board (MB) and placed under PDIC receivership during the fourth quarter of 2014.

The PDIC reported that as of September 30, 2015, it had paid P194.3 million for Cooperative Bank of Tarlac, P42.1 million for Synergy Rural Bank, and P30.7 million for Rural Bank of Burauen, or an aggregate of P267.1 million in deposit insurance claims to depositors of the three closed banks involving a total of 5,598 accounts. Estimated deposit insurance claims collectively amounting to P5.4 million for 1,827 accounts have not been filed by depositors of Cooperative Bank of Tarlac (1,381 accounts), Synergy Rural Bank (68 accounts), and Rural Bank of Burauen (378 accounts).

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. Depositors may also file their claims through mail and enclose the same set of required documents. The PDIC will not accept claims which are incomplete or lacking in requirements.

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.

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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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.