The Oriental Mindoro Provincial Prosecution Office has found probable cause to indict a former employee of a closed rural bank for the crime of qualified theft based on a complaint filed by the Philippine Deposit Insurance Corporation (PDIC). Emelda O. Resurreccion, former bank teller of the closed Rural Bank of Victoria (Oriental Mindoro), Inc., was charged with qualified theft for conducting unauthorized withdrawals from the bank aggregating PHP799,980.00.

According to the complaint, respondent Resurreccion falsified withdrawal slips and manipulated other records of the closed Rural Bank of Victoria to make it appear that withdrawal transactions were made by the bank's depositors, when in fact, no such transactions transpired.

In a separate complaint for qualified theft previously filed by the bank against Resurreccion, the Regional Trial Court of Oriental Mindoro, Branch 40 issued a warrant of arrest against her on January 15, 2014. It also involves unauthorized withdrawals by Resurreccion amounting to PHP12.6 million from various deposit accounts.

The filing of charges against erring bank officers and employees and unscrupulous individuals is an important undertaking of the PDIC to achieve the twin objectives of deterring other parties from taking advantage of the deposit insurance system, and at the same time protect the interests of the depositors and the Deposit Insurance Fund, PDIC's funding source for payment of deposit insurance.

* * * * *

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.