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Former President, 5 officers of Peñafrancia Rural Bank of Calabanga charged by the Department of Justice for Qualified Theft and violation of the PDIC Charter

Date of Release: December 23, 2019

The Department of Justice (DOJ) filed three criminal informations: two qualified theft, and one case for violation of the PDIC Charter for conducting business in an unsafe and unsound manner, against the former President and Manager, Officer-in-Charge and Cashier, and Internal Auditor, as well as the former loan officer, teller, and bookkeeper of the closed Peñafrancia Rural Bank of Calabanga (Camarines Sur), Inc. (PRBCI).

All of the cases are based on the complaint filed by the Philippine Deposit Insurance Corporation (PDIC) with the DOJ, and are now pending with the Regional Trial Court, Branch 63, Calabanga, Camarines Sur.

The criminal informations stated that the accused betrayed the confidence bestowed upon them as officers and employees of the Bank when they willfully took PhP557,044.05 which was received by PRBCI as deposits. Likewise, the accused were all charged with conducting business in an unsafe or unsound manner when the deposits were received by the accused from the depositors but intentionally did not record them in the books of the Bank, which actions contradicted the generally accepted standards of prudent operation, to the damage and prejudice of the Bank, the PDIC and the general public.

The DOJ earlier issued a Resolution on the cases finding that the respondents manipulated bank records when they made it appear that the deposits received by the Bank aggregating PhP557,044.05 were “cancelled” and that the certificates of time deposits that were issued therefore were declared “missing.”

Qualified theft is a crime defined under Article 310 of the Revised Penal Code, while conducting business in an unsafe or unsound manner is a violation of Republic Act No. 3591, as amended, or the PDIC Charter.

PRBCI was ordered closed by the Monetary Board (MB) of the Bangko Sentral ng Pilipinas on December 10, 2015. The MB also designated PDIC as statutory receiver of PRBCI.

The filing of cases against erring individuals is in support of PDIC’s efforts to bring to justice parties that engage in acts of anomalies, irregularities and fraud that pose risk to depositors and the Deposit Insurance Fund, PDIC’s main fund source for payout of deposit insurance claims. PDIC continues to pursue legal actions against bank officials and personnel who engage in unsafe and unsound banking practices that pose grave threats to the stability of the country’s banking system. PDIC is mandated to generate, preserve, maintain faith and confidence in the country’s banking system, and protect it from illegal schemes and machinations.

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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.

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PDIC is a government instrumentality created in
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