The Philippine Deposit Insurance Corporation (PDIC) urged depositors of the closed Community Bank (Rural Bank of Alfonso, Inc.), Rural Bank of Magsingal (Ilocos Sur), Inc., and Rural Bank of Labrador (Pangasinan), 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 Community Rural Bank of Alfonso, Inc. is on February 26, 2017; March 6, 2017 for Rural Bank of Magsingal, Inc.; and April 17, 2017 for Rural Bank of Labrador, Inc. PDIC concluded the onsite claims settlement operations for these 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.

Community Rural Bank of Alfonso, Inc., Rural Bank of Magsingal, Inc., and Rural Bank of Labrador, Inc. were ordered closed by the Monetary Board (MB) and placed under PDIC receivership during the first and second quarters of 2015.

The PDIC reported that as of September 30, 2015, it had paid P229.5 million for Community Rural Bank of Alfonso, Inc., P16.9 million for Rural Bank of Magsingal, Inc., and P35.0 million for Rural Bank of Labrador, Inc. or an aggregate of P281.4 million in deposit insurance claims to depositors of the three closed banks involving a total of 17,056 accounts. Estimated deposit insurance claims collectively amounting to P8.8 million for 4,403 accounts have not been filed by depositors of Community Rural Bank of Alfonso, Inc. (4,326 accounts), Rural Bank of Magsingal, Inc. (21 accounts), and Rural Bank of Labrador, Inc. (56 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 at 1-800-1-888-PDIC or 1-800-1-888-7342.

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