The Philippine Deposit Insurance Corporation (PDIC) will start servicing the deposit insurance claims of depositors of the closed Rural Bank of Buguias (Benguet), Inc. on November 12, 2015.

Servicing of claims for the bank’s Head Office, Kabayan and Bauko Branches will be conducted on November 12, 13 and 16, 2015, from 8:00 a.m to 5:00 p.m. The Head office is located in Abatan, Buguias, Benguet. Kabayan Branch is in Kabayan, Benguet while the Bauko Branch is in Bauko, Mt. Province. Meanwhile, servicing of claims for the bank’s Cervantes, La Trinidad and Tadian branches will be on November 12 to 13, 2015, 8:00 a.m to 5:00 p.m. Cervantes Branch is located in Brgy. Rosario, Cervantes, Ilocos Sur while La Trinidad Branch is in Pico, La Trinidad, Benguet. Tadian Branch is in Tadian, Mt. Province.

Depositors with valid deposit balances of P100,000 and below, with complete mailing address found in the bank records or updated through the Mailing Address Update Form, without any outstanding obligation with the bank, and whose deposits have been evaluated to be eligible for early payment, do not need to file their claims for deposit insurance.

Depositors with account balances of more than P100,000, those with outstanding obligations with the closed Rural Bank of Buguias (Benguet), Inc. or with incomplete mailing address, or those who maintain the account under the name of business entities, and/or those with accounts not eligible for early payment, regardless of type of account and account balance, are required to file their deposit insurance claims. The announcement on the claims settlement operations of Rural Bank of Buguias (Benguet), Inc. is posted at the premises of its Head Office and branches and in the PDIC website, www.pdic.gov.ph.

When filing claims for deposit insurance, depositors are advised to personally present the 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 who were not able to come personally may file their claims through mail and enclose the same set of documentary requirements with a notarized Claim Form.

Depositors who are below 18 years old should be represented by a parent who should submit a photocopy of the child’s Birth Certificate issued by the National Statistics Office (NSO) or a duly certified copy issued by the Local Civil Registrar as an additional requirement. The parent should sign the Claim Form 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 filing of deposit insurance claims are posted in the PDIC website, www.pdic.gov.ph. The Claim Form and format of the SPA may also be downloaded from the PDIC website. PDIC will not accept claims which are incomplete or lack the requisite documents.

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 Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City starting on December 1, 2015.

In accordance with the provisions of the PDIC Charter, the last day for filing deposit insurance claims in the closed Rural Bank of Buguias (Benguet), Inc. is on October 26, 2017. After this date, PDIC as Deposit Insurer shall no longer accept any deposit insurance claims.

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.

PDIC reiterates that it will not accept claims with incomplete requirements. The deposit insurer may also require other documents in the course of processing of claims.

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.