August 25, 2016

The Philippine Deposit Insurance Corporation (PDIC) announced that deposit insurance claims from depositors of the closed New Rural Bank of Binalbagan (Negros Occidental), Inc. may be filed at the PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City until June 11, 2018. Claims may also be filed by mail.

New Rural Bank of Binalbagan, which was ordered closed on June 9, 2016, has PHP6.8 million in total estimated insured deposits involving 465 accounts. A total of PHP2.6 million in insured deposits covering 25 accounts was paid during the onsite claims settlement operations (CSO). Another PHP1.0 million was settled thru postal money orders sent via registered mail to 261 accounts of depositors with balances of PHP100,000 and below where filing of claims was waived by PDIC.

As of June 24, 2016, PDIC has yet to receive deposit insurance claims for PHP0.69 million covering 162 accounts. In accordance with the provisions of the PDIC Charter, the last day for filing deposit insurance claims in the said bank is on June 11, 2018. After said date, PDIC shall no longer accept any deposit insurance claim.

When filing deposit insurance claims at the PDIC Public Assistance Center, depositors are advised to present an original evidence of deposit and two (2) valid photo-bearing IDs with signature. When filing claims through mail, the same set of documents, including a duly accomplished Claim Form, must be enclosed. The Claim Form may be downloaded for free from the PDIC website, www.pdic.gov.ph.

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 format of the Special Power of Attorney may be downloaded from the PDIC website.

In addition, all depositors who have outstanding loans or payables to the bank have to coordinate with the duly authorized PDIC Loans officer prior to the settlement of their deposit insurance claim.

The procedures and requirements for filing deposit insurance claims are likewise posted in 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 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.