THE Philippine Deposit Insurance Corp. (PDIC) announced that it started mailing postal money orders (PMOs) to all depositors eligible for outright payment who maintained deposits with the closed The Palawan Bank (Palawan Development Bank) Inc. on May 27, 2019, 15 working days after the bank’s takeover on May 6.
Eligible for outright payment of deposit insurance are individual depositors with valid deposit balances of P100,000 and below, who have no outstanding loans with the closed bank, and have complete mailing address in the bank records or updated this information through the PDIC mailing address update form (MAUF).
PMOs amounting to P15,000 and below may be encashed either with the local post office or with the nearest branch of the Land Bank of the Philippines.
Meanwhile, PMOs above P15,000 may be deposited to the depositor’s account in any local bank.
The Palawan Bank was ordered closed by the Monetary Board through Resolution 660-A dated May 2. It is a 10-unit thrift bank with head office located at Unit 1 Goldraz Properties Bldg., Malvar St., Brgy. San Miguel, Puerto Princesa City, Palawan. It has nine branches: five are located in Palawan (Brooke’s Point, Narra, Quezon, Roxas, and Taytay) and four are located in Cebu (Carcar City, Liloan, Minglanilla, and City of Naga).
Depositors who have not received their checks after two weeks are advised to contact the PDIC Public Assistance Department.
All other depositors, regardless of the type of their account or account balance, have to file deposit insurance claims. All valid claims will be paid.
Deposit insurance claims of depositors will be served starting June 7, 8 a.m. to 5 p.m. at designated payout sites.
PDIC will serve on June 10 and 11, the claims of depositors of the Carcar City, Minglanilla and City of Naga branches at the bank’s branch in Barangay Poblacion Ward III, Minglanilla. Claims of depositors of the Liloan Branch will be served on June 7, at the bank premises along the National Highway, Brgy. Poblacion, Liloan, Cebu.
When filing claims for deposit insurance, depositors have to personally present their savings passbook, certificate of time deposit or other evidence of deposit and one valid photo-bearing ID with their signature. It is recommended, however, that they bring at least two valid IDs in case of discrepancy in signature. (PR)