May 25, 2017

The Philippine Deposit Insurance Corporation (PDIC) announced the immediate resumption of its deposit insurance and liquidation operations in the closed Rural Bank of Barotac Viejo (Iloilo), Inc. (RB Barotac Viejo) following the expiration on May 20, 2017 of the Temporary Restraining Order (TRO) and/or Status Quo Ante Order (SQAO). Upon the application of Ramon Tugbang and Patrick Tugbang, majority stockholders of RB Barotac Viejo, the Court of Appeals 19th Division in Cebu City issued the TRO/SQAO on March 13, 2017 effective for a period of 60 days that suspended PDIC’s deposit insurance and liquidation operations in the closed bank.

RB Barotac Viejo depositors may now receive and claim their insured deposits.

In line with this, PDIC has advised the Philippine Postal Corporation (PPC) and its local post offices to immediately resume the delivery of the PPC-Money Order Service (PPC-MOS) checks representing deposit insurance payments for depositors whose valid deposits of PHP100,000 and below are eligible for this mode of deposit insurance payment. Eligible for PPC-MOS check payments are depositors who have no outstanding loans with the closed RB Barotac Viejo, and who have complete mailing address in the bank records or updated this information through the PDIC Mailing Address Update Form (MAUF). PPC-MOS checks amounting to PHP15,000 and below may be encashed with the depositors’ respective local post offices or Land Bank of the Philippines branches.

Depositors may also file their claims either personally at the PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City, or by mail addressed to the PDIC Public Assistance Department (PAD), 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City.

When filing deposit insurance claims either personally at the PAD or thru mail, depositors are required to submit their original evidence of deposit and present one (1) valid photo-bearing ID with signature of the depositor. It is recommended, however, to bring at least two (2) valid IDs in case of discrepancies in signature.

The procedures and requirements for filing deposit insurance claims are posted in the PDIC website, www.pdic.gov.ph.

PDIC likewise reminded creditors of RB Barotac Viejo that the prescriptive date for filing claims against the bank’s assets was suspended during the time the TRO/SQAO was in effect. Given that the TRO/SQAO has expired, RB Barotac Viejo creditors may now file their claims against the bank’s assets until July 11, 2017. Claims may be filed personally at the bank premises not later than June 8, 2017 or at the PDIC Public Assistance Center at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City, Monday to Friday, 8:00 AM to 5:00 PM until July 11, 2017. Claim Form against the bank’s assets may also be filed until July 11, 2017 through mail addressed to the PDIC Public Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City.

Sample Claim Forms may be downloaded from the PDIC website:

1. Claim Form for Deposit Insurance at www.pdic.gov.ph/files/New_PDIC_Claim_Form.pdf
2. Claim Form Against the Bank’s Assets at http://www.pdic.gov.ph/files/Approved%20Claim%20Form%20Against%20Assets.pdf

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

RB Barotac Viejo was ordered closed by the Monetary Board through Resolution No. 284.A dated February 23, 2017. It is a two-unit rural bank with Head Office located along Zulueta Drive, Brgy. Poblacion, Barotac Viejo, Iloilo. Its lone branch is located in Concepcion, Iloilo.

For more information, depositors, creditors and borrowers of RB Barotac Viejo may contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail PDIC 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 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.