May 19, 2017

All creditors of the closed Rural Bank of Ragay (Camarines Sur), Inc. have until July 3, 2017 to file their claims against the assets of the closed bank either personally or by mail. Creditors refer to any individual or entity with a valid claim against the assets of the closed Rural Bank of Ragay and include depositors whose deposits exceed the maximum deposit insurance coverage (MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that creditors and depositors with uninsured deposits may file their claims personally at the PDIC Public Assistance Center located at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims may also be filed through mail addressed to the PDIC Public Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City. A sample Claim Form against the assets of the closed bank may be downloaded from the PDIC website, www.pdic.gov.ph.

Claims filed after July 3, 2017 shall be disallowed. PDIC, as Receiver, shall notify creditors of denial of claims through mail. Claims denied or disallowed by the PDIC may be filed with the liquidation court within sixty (60) days from receipt of final notice of denial of claim. PDIC also clarified that depositors who filed their deposit insurance claims on or at any time prior to July 3, 2017 are deemed to have filed their claims against the closed bank’s assets.

Rural Bank of Ragay was ordered closed by the Monetary Board (MB) of the Bangko Sentral ng Pilipinas on April 20, 2017 and PDIC, as the designated Receiver, was directed by the MB to proceed with the takeover and liquidation of the closed bank in accordance with Section 12(a) of Republic Act No. 3591, as amended. The bank’s Head Office is located at Tomas Delgado St. cor. Provincial Road, Poblacion Ilaod, Ragay, Camarines Sur. Its lone branch is located in Del Gallego, Camarines Sur.

All requests and inquiries relating to Rural Bank of Ragay shall be addressed to the PDIC Public Assistance Department through mail at the 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City, or through telephone numbers (02) 841-4630 or 841-4631. Depositors and creditors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342). Walk-in clients may also visit the PDIC Public Assistance Center at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM.

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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 PHP500,000 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.