Injunction order further stalls deposit insurance payment to AMA Bank depositors
More than 8,000 depositors of the closed AMA Rural Bank of Mandaluyong, Inc. (AMA Bank) will have to wait a while longer to be paid the deposit insurance due them.
This developed as the Court of Appeals issued today a writ of preliminary injunction enjoining the Philippine Deposit Insurance Corporation (PDIC) from further pursuing its deposit insurance and liquidation operations in the closed AMA Bank. The injunction will be in effect pending the Court of Appeal’s issuance of a decision on the case.
The PDIC expressed its grave concern as this latest court order further delayed the processing and payment of deposit insurance claims for valid deposits in the bank. This injunction, including the refusal of AMA Bank officers and employees to account for and turn over the assets and records of the bank and the previous issuance by the Court of Appeals of a temporary restraining order (TRO) against PDIC to implement the closure of AMA Bank, all contributed to the delay in the payment of insured deposits.
The PDIC, the sole authority to manage and administer closed banks under the law, said that notwithstanding the injunction order, AMA Bank remains closed and under liquidation by the PDIC. Depositors and clients of AMA Bank are advised to communicate only with the PDIC.
Depositors, borrowers, creditors and all other clients of AMA Bank may communicate with the PDIC Public Assistance Department via the Public Assistance Hotline at (02) 8841-4141 or the Toll Free Hotline at 1-800-1-888-PDIC (7342) for those outside Metro Manila. Inquiries may also be sent by e-mail to email@example.com or via private message to the official PDIC Facebook account at www.facebook.com/OfficialPDIC. Walk-in inquiries will also be accommodated at the PDIC Public Assistance Center located at the 3rd Floor, SSS Building, 6782 Ayala Avenue corner V.A. Rufino St., Makati City. AMA Bank clients are likewise advised to visit the PDIC website, www.pdic.gov.ph, for updates and developments.
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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.