NEWS/PRESS RELEASE
PR-010-19
Date of Release: February 13, 2019
FOR IMMEDIATE RELEASE

The Philippine Deposit Insurance Corporation (PDIC) is now accepting deposit insurance claims from depositors of the closed Bagong Bangko Rural ng Malabang (Lanao del Sur), Inc. Claims must be sent through mail or private courier addressed to the Public Assistance Department, Philippine Deposit Insurance Corporation (PDIC), 6th Floor, SSS Building, 6782 Ayala Avenue corner V.A. Rufino Street, 1226 Makati City. Depositors who would like to personally file their claims may also do so at the PDIC Public Assistance Center, 3rd Floor, SSS Building, 6782 Ayala Avenue corner V.A. Rufino Street, Makati City.

All depositors of the closed Bagong Bangko Rural ng Malabang are required to file their deposit insurance claims. PDIC assured that all claims for valid deposits shall be processed accordingly and will be paid up to the maximum deposit insurance coverage of PhP500,000.00 through the designated servicing branches of Land Bank of the Philippines.

When filing claims for deposit insurance, depositors should prepare and submit to PDIC the 1) duly accomplished Claim Form which can be secured from the Mayor’s Office in Malabang, Lanao del Sur from Monday to Friday, 8:00 AM to 5:00 PM, except holidays; 2) original evidence of deposit such as Savings Passbook or Certificate of Time Deposit; and 3) photocopy of one (1) valid photo-bearing ID containing the signature of the depositor.

In addition to these general requirements, depositors who are below 18 years old are required to submit the original copy of their Birth Certificate issued by the Philippine Statistics Authority (PSA) or a duly certified copy issued by the Local Civil Registrar, and valid ID of their parent. If the claimant is not the signatory in the bank records, he/she should prepare an original copy of a notarized/authenticated Special Power of Attorney (SPA) of depositor or parent of a minor depositor. A sample form of the SPA may be downloaded from the PDIC website, www.pdic.gov.ph/files/spa_claims.pdf.

All claims received shall be processed and payment notices or status letters shall be sent to depositors through the local post office not later than February 26, 2019 for claims received on or before February 18, 2019. All claims received after February 18, 2019 shall be processed within five (5) working days and letters notifying depositors of status of claims and/or payment shall be issued accordingly. The payment notices contain instructions to depositors on how their claims will be paid.

PDIC, as Deposit Insurer, requires personal data from depositors to be able to process their claims and protects these data in compliance with the Data Privacy Act of 2012.

Bagong Bangko Rural ng Malabang was prohibited from doing business in the Philippines by the Bangko Sentral ng Pilipinas by virtue of Monetary Board Resolution No. 159 dated January 24, 2019. It is a single-unit rural bank located at 593 Bayan St., Brgy. China Town (Pob.), Malabang, Lanao del Sur.

In accordance with the provisions of R.A. No. 3591, as amended, the last day for filing claims (prescriptive date) for insured deposits in the closed Bagong Bangko Rural ng Malabang is on January 25, 2021. After January 25, 2021, PDIC, as Deposit Insurer, shall no longer accept any claim for insured deposits maintained with said closed bank.

For more information, depositors may visit www.pdic.gov.ph, or call the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631 or the Toll Free Hotline at 1-800-1-888-PDIC (7342) for those outside Metro Manila, or mobile numbers 0917-1035421 and 0961-3663813. Inquiries may also be sent by e-mail to pad@pdic.gov.ph or via private message to the official PDIC Facebook account at 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 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.

Corporate Communications Dept.
PHILIPPINE DEPOSIT INSURANCE CORPORATION
Tel: (02) 841-4637 / Fax (02) 841-4833
Trunkline: (02) 841-4000
Website: www.pdic.gov.ph.
Email: ccd@pdic.gov.ph
Facebook: www.facebook.com/OfficialPDIC
Twitter: www.twitter.com/OfficialPDIC