The Philippine Deposit Insurance Corporation (PDIC), the Receiver of the closed Rural Bank of Tagaytay City (Cavite), Inc. reminded borrowers of said bank to continue to pay their loans and transact only with authorized PDIC representatives.

In a statement, PDIC advised borrowers of RB Tagaytay City to pay loans and other obligations at any PNB Branch under the account name, “PDIC FAO BURL-RB Tagaytay City (Cavite)” with account number 3730-9490-0013. It further advised borrowers to keep copies of the PNB Deposit/Payment Slips. The Receiver emphasized that only those with duly validated PNB Deposit/Payment Slips shall be considered valid payments.

The Monetary Board placed the RB Tagaytay City under the receivership of the PDIC by virtue of MB Resolution No. 1529.A dated September 20, 2012. As Receiver, PDIC took over the bank on September 20, 2012. Upon takeover, all bank records shall be gathered, verified and validated.

RB Tagaytay City is a two-unit bank with Head Office located at 322 Gen. Emilio Aguinaldo Hi-way, Barangay Maitim, Tagaytay City, Cavite and its lone branch in Tagaytay-Mendez, Junction, Tagaytay City, Cavite. Latest available records show that as of June 30, 2012, the RB Tagaytay City had 3,105 accounts with total deposit liabilities of P304.87 million. According to the latest Bank Information Sheet filed by RB Tagaytay City with the PDIC as of June 30, 2012, the bank is majority owned by V.S. Velazco Enterprise (40%) and Roseller C. Velazco (16.68%). Its Chairman and President/CEO is Horacio S. Velazco.

Borrowers of the bank may also call the Loans Management Department at (02) 841-4761 or 841-4774. Queries may also be sent through email 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.