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MESSAGE TO DEPOSITORS OF CLOSED BANKS

December 17, 2008

Please be advised that the following banks have been placed under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by the Bangko Sentral ng Pilipinas (BSP) under the following Monetary Board resolutions (MBR):

1. Rural Bank of Paranaque, Inc.	- MBR No. 1616
2. Rural Bank of San Jose (Batangas), Inc.	- MBR No. 1637
3. Pilipino Rural Bank, Inc.	- MBR No. 1638
4. Rural Bank of Bais (Negros Oriental), Inc.	- MBR No. 1639
5. Bank of East Asia [Bangko Rural de Bisayas (Minglanilla, Cebu)], Inc.	- MBR No. 1647
6. First Interstate Bank(Rural Bank of Kananga, Leyte), Inc.	- MBR No. 1648
7. Philippine Countryside Rural Bank (Cebu), Inc.	- MBR No. 1649
8. Dynamic Bank [Rural Bank of Calatagan (Batangas)], Inc.	- MBR No. 1652
9. San Pablo City Development Bank	- MBR No. 1653

As Receiver, it is PDIC’s duty to take control of these banks to preserve their assets for the benefit of the depositors and creditors of these banks. We advise you to course all concerns relating to these closed banks only to the designated Deputy Receivers deployed at the bank premises.

It is also PDIC’s duty to pay insurance on your insured deposits which may have been compromised by these banks’ closures. Under the law, PDIC pays the maximum deposit insurance coverage of P250,000.

I wish to assure you that the Corporation is prepared and will be able to pay all valid claims for deposit insurance. These payments will come from the PDIC’s own Deposit Insurance Fund. However, as in any claim for insurance, before we can begin payment or payout, we need to examine bank records and evaluate claims to verify their validity. This is also for your own protection to ensure that payments are made to the right person/s.

If bank records are available, complete, and in order, and if documents and other requirements you will submit with your claims are complete, we should be able to start claims processing quickly. Otherwise, it will take time.

I have already dispatched PDIC personnel to these banks to conduct initial evaluation. They have been working overtime to speed up operations and we are doing our best to begin payments as soon as possible. We are doing this despite our limited manpower.

We therefore ask for your understanding and patience as we are servicing a huge number of accounts close to 120,000 of these aforementioned banks simultaneously placed by the BSP under receivership.

Thank you for your kind understanding and patience. Should you have additional concerns, please call the PDIC Depositors Assistance Bureau at (02) 8414630 or (02) 841-4631.

(Sgd.) JOSE C. NOGRALES
President

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