August 31, 2016

The Philippine Deposit Insurance Corporation (PDIC), the Receiver of the closed Rural Bank of Alabat (Quezon), Inc., reminded borrowers of the bank that they are under obligation to pay their loans. PDIC advised borrowers to transact only with authorized PDIC representatives, emphasizing that it has not engaged any person, agent or agency to collect the loan payments for and in behalf of the bank.

Rural Bank of Alabat was prohibited from doing business in the Philippines by virtue of Monetary Board Resolution No. 1316 dated July 28, 2016. It is a three-unit rural bank with head office located at Caliwara cor. Rizal Sts., Brgy. 2, Alabat, Quezon. Its two branches are located in Atimonan and in Mauban, both in the province of Quezon.

PDIC said that the law provides that deposits of borrowers who also have past due loans with closed banks shall be offset against their loans. In the case of depositor-borrowers whose loans are on current status, they may also consent to offset their deposits against their loans.

All depositors who have outstanding loans or payables to Rural Bank of Alabat were advised to coordinate with the PDIC Loans Management Group prior to filing of their deposit insurance claims.

In a statement, the Corporation advised borrowers of Rural Bank of Alabat to pay their loans and other obligations through any of the following modes: by paying directly at any Philippine National Bank (PNB) branch; by paying via postal money order (PMO); or by paying directly at the PDIC Public Assistance Center located at the 3/F SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City.

For borrowers who opt to pay via PNB, payment should be for the account name, PDIC FAO BURL - RURAL BANK OF ALABAT. PDIC advised borrowers to keep copies of the PNB Deposit/Payment Slips to ensure proper recording of their payments. For payments to be valid, it must be supported by a machine-validated PNB Deposit/Payment Slip. Official receipts will be issued by PDIC upon validation of payments and will be sent through mail to the borrowers. Borrowers who do not receive their official receipts are advised to send a photocopy of their deposit slips/payment slips either by mail to the Deputy Receiver for loans, Ms. Mary Ann C. Crisostomo, at the PDIC Office, 5th Floor, SSS Bldg., Ayala Avenue corner V.A. Rufino St., Makati City or via e-mail to Ms. Ofelia M. Centino at omcentino@pdic.gov.ph and to Ms. Thelma A. Peña at tbarias@pdic.gov.ph.

Payments via PMO should be for the same account name, PDIC FAO BURL - RURAL BANK OF ALABAT and directly sent via mail to the PDIC Loans Management Department I at the 5th Floor, SSS Bldg., Ayala Avenue corner V.A. Rufino St., Makati City. Upon verification of payments via PMO, PDIC shall send the official receipt to the borrowers through registered mail.

PDIC advised borrowers to always secure copies of official receipts issued by the PDIC, as liquidator of the closed Rural Bank of Alabat.

Borrowers of the bank may pose queries directly with the PDIC-Loans Management Department I at (02) 841-4982 or 841-4760 or send these through email at pad@pdic.gov.ph or private message at PDIC's Facebook account, www.facebook.com/OfficialPDIC.

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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.