The Monetary Board (MB) placed the Rural Bank of Gigaquit (Surigao del Norte), Inc. under receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No. 160 dated February 2, 2012. As Receiver, PDIC took over the bank on February 3, 2012.

RB Gigaquit is a single-unit bank located in San Isidro, Gigaquit, Surigao del Norte. Latest available records show that as of December 30, 2011, the Bank had 1,996 accounts with total deposit liabilities of P41.74 million.

In a statement, PDIC said that upon takeover, all bank records shall be gathered, verified and validated. The state deposit insurer assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000 net of all obligations of each depositor with the bank.

PDIC said that depositors with valid accounts with balances of P10,000 and below, who have no outstanding obligations with RB Gigaquit and who have updated their addresses with the bank in the past year, need not file deposit insurance claims. PDIC targets to start mailing payments to these depositors to the last known addresses recorded in the bank by as soon as deposit account validation has been concluded.

Depositors whose accounts have balances of more than P10,000 and have outstanding obligations should file their deposit insurance claims through mail at the Claims Processing Department, Philippine Deposit Insurance Corporation (PDIC), 4/F SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City 1226.

PDIC advised depositors to mail their accomplished Claim Forms, Claim Status Sheet, original copy of the evidence of deposit such as savings passbook or certificate of time deposit, and photocopy of two (2) valid IDs with signature of depositors. Depositors below 18 years old are required to submit a photocopy of their Birth Certificates issued by the National Statistics Office (NSO) or duly certified copies issued by the Local Civil Registrar. The Claim Form and Claim Status Sheet may also be downloaded from the PDIC website, www.pdic.gov.ph.

PDIC will process all claims at the PDIC Office in Makati City. Notices of payment will be sent through mail. Only claims with complete documentation will be processed and paid. PDIC will write to depositors who lack supporting documents and will be requested to submit the necessary documents before they are paid.

A Depositors’ Forum will be conducted on Tuesday, February 7, 2012 to inform depositors of the requirements and procedures for filing deposit insurance claims. Claim Forms and Claim Status Sheets will also be distributed during said Forum. The venue and time will be announced later. For more information, depositors may communicate with PDIC Public Assistance personnel stationed at the bank premises. They may also call the PDIC Public Assistance Hotlines at (02) 8414630 to (02) 8414631 or communicate through e-mail at pad@pdic.gov.ph.

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 permanent and continuing 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.