The Philippine Deposit Insurance Corporation (PDIC) urged the Ombudsman to conduct an investigation on the Statement of Assets, Liabilities and Net worth (SALN) as of April 15, 2008 of Celso Delos Angeles, and to file appropriate criminal and/or administrative charges against him.

PDIC referred on March 11, 2009 to the Office of the Ombudsman the false SALN of Delos Angeles. Under oath, Delos Angeles declared in his SALN that he still owns Calanggaman Island, a property located in Palompon, Leyte, despite a deed of assignment he executed in favor of Rural Bank of Carmen in Cebu as early as August 2006.

PDIC, Receiver of the closed RB Carmen, said Delos Angeles, incumbent mayor of Sto. Domingo, Albay, is liable for perjury under the Revised Penal Code; and violations of Republic Act (RA) 6713 or the Code of Conduct and ethical Standards for Public Officials and Employees and RA 3019 or the Anti-Graft and Corrupt Practices Act.

The PDIC referral stemmed from the declaration of the Sto. Domingo mayor in his latest SALN that he owns an agricultural land in Calanggaman purchased at P300,000. However, bank records and documents at the closed RB Carmen show that delos Angeles transferred to the bank his title and ownership over Calanggaman Island in August 2006 through a deed of assignment. The alleged consideration received by delos Angeles from RB Carmen were loan receivables of the bank valued at P16.85 million, which is subject of another case filed by the PDIC against the Legacy owner.