December 5, 2016

The Philippine Deposit Insurance Corporation (PDIC), the Receiver of the closed Community Rural Bank of Magallon (Moises Padilla, Negros Occidental), Inc., reminded borrowers of the bank that they are under obligation to pay their loans notwithstanding the closure of the bank. PDIC advised borrowers to transact only with authorized PDIC representatives, emphasizing that it has not engaged any person, agent or agency to collect the loan payments for and in behalf of the bank. PDIC advised borrowers to always secure copies of Official Receipts issued by the PDIC, as liquidator of the closed Community Rural Bank of Magallon.

Community Rural Bank of Magallon was closed by virtue of Monetary Board Resolution No. 2031.B dated November 17, 2016. It is a single-unit rural bank located at Gomez St., Moises Padilla, Negros Occidental.

Deposits of borrowers who have past due loans with the bank are automatically applied to their loans, by operation of law. If the loans are on current status, the borrowers may opt to apply their deposits against their loans, to avoid paying interest on their loans.

Borrowers of Community Rural Bank of Magallon may pay their loans and other obligations through any of the following modes:

1. by paying directly at any Philippine National Bank (PNB) branch. Payment should be for the account name, PDIC FAO BURL - COMMUNITY RURAL BANK OF MAGALLON. Borrowers are advised to keep copies of the PNB deposit/payment slips to ensure proper recording of their payments.
2. by paying via postal money order (PMO) for the same account name, PDIC FAO BURL - COMMUNITY RURAL BANK OF MAGALLON. Payment should be directly sent via mail to the PDIC Loans Management Department I, 5th Floor, SSS Bldg., Ayala Avenue corner V.A. Rufino St., Makati City; or
3. by paying directly at the PDIC Public Assistance Center located at the 3/F SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City.

PDIC, as Receiver, will issue Official Receipts for all payments received upon verification and shall send the Official Receipt to the borrowers through mail.

Borrowers who do not receive their Official Receipts are advised to send by mail a photocopy of their PNB deposit/payment slips to Ms. Mary Ann C. Crisostomo, Deputy Receiver for loans, 5th Floor, SSS Bldg., Ayala Avenue corner V.A. Rufino St., Makati City or via e-mail to mccrisostomo@pdic.gov.ph and to Ms. Thelma A. Peña at tbarias@pdic.gov.ph.

Borrowers of the bank may contact the PDIC-Public Assistance Department for any queries or concerns at (02) 841-4630 or 841-4631 or send these through email at pad@pdic.gov.ph or private message at PDIC's Facebook account, www.facebook.com/OfficialPDIC. Borrowers outside Metro Manila may also call PDIC at its Toll Free Hotline at 1-800-1-888-PDIC (7342).

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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.