October 18, 2016

All creditors of the closed Rural Bank of Claveria (Cagayan), Inc., including depositors whose deposits exceed the maximum deposit insurance coverage (MDIC) of PHP500,000, have until October 24, 2016 to file their claims against the assets of the closed bank. Depositors who were able to file their deposit insurance claims during the onsite claims settlement operations conducted by PDIC on September 6-8, 2016 are deemed to have filed their claims against the closed bank's assets.

The Philippine Deposit Insurance Corporation (PDIC), Liquidator of the closed Rural Bank of Claveria, announced that the deadline is pursuant to Section 16 (l) of Republic Act No. 3591, as amended (PDIC Charter) which fixed the prescriptive period for filing of claims against the assets of the closed bank at 60 days from the publication of the bank's notice of closure. Under the PDIC Charter, claims of creditors against the assets of a closed bank not filed within the prescriptive date "shall be disallowed." RB Claveria was ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas on August 18, 2016. The notice of closure was published on August 23, 2016 in The Philippine Star.

Claims against the assets of the closed RB Claveria must be filed with the PDIC either by mail or personally by October 24, 2016. All claims filed by mail must be addressed to Mr. Ronald C. Angeles, Department Manager III, PDIC Receivership and Bank Management Department II, 5th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City. Meanwhile, creditors and depositors with uninsured deposits who are filing personally are advised to proceed to the same address. Claims denied by the PDIC due to lapse of the prescriptive date must be filed with the Liquidation Court within 60 days from receipt of the final notice of denial of claim. Creditors and depositors with uninsured deposits are advised to transact or directly address all their inquiries and communications to the Receivership and Bank Management Department II at telephone number (02) 841-4780 or via e-mail at rcangeles@pdic.gov.ph. A sample Claim Form against the assets of the closed bank may be downloaded from the PDIC website, www.pdic.gov.ph.

Meanwhile, PDIC encouraged depositors who have not filed their deposit insurance claims with the PDIC, regardless of their deposit balances, to do so as soon as possible to expedite settlement and payment of their claims.

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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 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.