The Regional Trial Court (RTC) Branch XI of Balayan, Batangas approved the Petition For Assistance in the Liquidation of Balayan Bay Rural Bank (Batangas) Inc. (Balayan Bay RB) filed by the Philippine Deposit Insurance Corporation (PDIC), the Statutory Liquidator of closed banks.

In a decision issued by Honorable Judge Rolando E. Silang, the court affirmed that the closed Balayan Bay RB cannot be rehabilitated or permitted to resume business in accordance with law and should be liquidated. Individuals who may have claims against the assets of the bank were ordered to file their claims with the liquidation court or with PDIC at PDIC Extension Office, SSS Building, Ayala Avenue, Makati City within 90 days from November 16, 2011. The court also ordered PDIC to submit a distribution plan which specifies in detail the total amount for distribution to creditors.

For more information, interested parties may coordinate with Mr. Elmer Juan C. Haber, Deputy Liquidator of the bank, at telephone no. (02) 8414782.

As Statutory Liquidator of closed banks, PDIC is mandated to expeditiously liquidate the assets of closed banks to ensure prompt settlement of creditors’ claims.

The Monetary Board (MB) placed Balayan Bay RB under receivership on November 26, 2009 by virtue of MB Resolution No. 1686. PDIC, as deposit insurer, has paid a total of P2.88 million in deposit insurance claims representing 52.4% of total estimated insured deposit amount and 35.3% of total insured accounts.