NEWS/PRESS RELEASE
PR-011-19
Date of Release: February 14, 2019
FOR IMMEDIATE RELEASE

The Philippine Deposit Insurance Corporation (PDIC), the Receiver of the closed Bagong Bangko Rural ng Malabang (Lanao del Sur), Inc., reminded borrowers of the bank that they are under obligation to pay their loans notwithstanding the closure of the bank. PDIC advised borrowers to transact only with authorized PDIC representatives, emphasizing that it has not engaged any person, agent or agency to collect the loan payments for and in behalf of the bank. PDIC advised borrowers to always secure copies of Official Receipts issued by the PDIC, as liquidator of the closed Bagong Bangko Rural ng Malabang.

Bagong Bangko Rural ng Malabang was ordered closed 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.

Deposits of borrowers who have past due loans with the bank are automatically applied to their loans, by operation of law. If the loans are on current status, the borrowers may opt to apply their deposits against their loans, to avoid paying interest on their loans.

Borrowers of Bagong Bangko Rural ng Malabang may pay their loans and other obligations through any of the following modes:

1. by paying directly at any Philippine National Bank (PNB) branch. Payment should be for the account name, PDIC BURL FAO Bagong Bangko Rural ng Malabang (Lanao del Sur), Inc. Borrowers are advised to indicate their Account Reference No., which they can secure from the PDIC Public Assistance Department, and the Payor’s Name (Name of Borrower/Buyer/Client) on the PNB payment slips and keep copies of the same to ensure proper recording of their payments.
2. by paying through postal money order (PMO) or check payable to “PDIC BURL - Bagong Bangko Rural ng Malabang (Lanao del Sur), Inc.” Payment should be directly sent via mail to the PDIC Public Assistance Department at the 6th Floor, SSS Bldg., Ayala Avenue corner V.A. Rufino St., Makati City; or
3. by paying directly at the PDIC Public Assistance Center located at the 3rd Floor, SSS Bldg., Ayala Avenue corner V.A. Rufino St., Makati City.

Check payments shall be applied to the account only upon clearance of the check. PDIC shall mail Official Receipt corresponding to the payment/s made. Borrowers who do not receive their Official Receipts are advised to notify PDIC through Mr. Democrito L. Bitang, Deputy Receiver for loans, 5th Floor, SSS Bldg., Ayala Avenue corner V.A. Rufino St., Makati City, or via e-mail to dlbitang@pdic.gov.ph and to Ms. Thelma A. Peña at tbarias@pdic.gov.ph. Borrowers who paid through PNB are also advised to submit by mail a copy of the duly-validated PNB payment slip to Mr. Bitang at the aforementioned address. The duly-validated payment slip shall serve as basis for issuing the Official Receipt.

Borrowers of the bank may contact the PDIC-Public Assistance Department for any queries or concerns at (02) 841-4630 or 841-4631 or send these through email at pad@pdic.gov.ph or private message at PDIC’s Facebook account, www.facebook.com/OfficialPDIC. Borrowers outside Metro Manila may also call PDIC at its Toll Free Hotline at 1-800-1-888-PDIC (7342), or mobile numbers 0917-1035421 and 0961-3663813.

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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