The Philippine Deposit Insurance Corporation (PDIC) announces that it will start servicing claims for insured deposits in the closed Rural Bank of Milagros (Masbate), Inc. on Friday, December 7 until December 18, 2007.

PDIC advised depositors to proceed directly to the bank premises and present to PDIC representatives their original evidence of deposits such as savings passbook or certificates of time deposit; and two (2) valid identification documents (IDs) with depositor's signature. PDIC will service claims during office hours, Monday to Friday, except holidays.

In a statement, PDIC reported that RB Milagros had unadjusted deposit liabilities amounting to P21.05 million as of March 31, 2007.

The Monetary Board (MB) ordered the closure of Rural Bank of Milagros (Masbate), Inc. on November 29, 2007 by virtue of MB Resolution No. 1337. The bank was taken over by PDIC on December 3, 2007. Depositors of RB Milagros are given two (2) years from bank takeover or until December 3, 2009 to file their claims. The maximum deposit insurance coverage is P250,000 per depositor.