Saturday August 18, 2018

Rural Bank of Bayawan depositors urged to file claims for deposit insurance

THE Philippine Deposit Insurance Corporation (PDIC) urged depositors of the closed Rural Bank of Bayawan (Negros Oriental) Inc. to file their deposit insurance claims on or before the last day of filing claims for insured deposits on February 26.

The depositors can file their claims either through mail addressed to the PDIC Public Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City, or personally during business hours at the PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City.

The PDIC Charter provides that depositors have until two years from bank closure to file their deposit insurance claims.

Rural Bank of Bayawan was ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas on February 24, 2016.

According to PDIC, deposit insurance claims for 167 deposit accounts with aggregate insured deposits amounting to P186,566.37 have yet to be filed by depositors.

Data showed that as of December 31, 2017, PDIC had paid depositors of the closed Rural Bank of Bayawan the total amount of P7.4 million, corresponding to 96.9 percent of the bank’s total insured deposits amounting to P7.7 million.

After February 26, PDIC shall no longer accept any deposit insurance claims from depositors of Rural Bank of Bayawan. Their recourse is to file claims against the assets of the closed bank through PDIC as liquidator. Payment of claims shall depend on available assets of the bank for distribution to creditors and the approval of the Liquidation Court, said the PDIC.

In filing their claims personally, depositors are required to submit their original evidence of deposit and present one valid photo-bearing ID with signature of the depositor. It is recommended, however, to bring at least two valid IDs in case of discrepancies in signature.

Depositors may also file their claims through mail and enclose their original evidence of deposit and photocopy of one valid photo-bearing ID with signature together with a duly accomplished Claim Form, which can be downloaded from the PDIC website at

PDIC said that depositors who are below 18 years old should submit either a photocopy of their birth certificate issued by the Philippine Statistics Authority, or a duly certified copy issued by the Local Civil Registrar.

Claimants who are not the signatories in the bank records are required to submit an original copy of a notarized Special Power of Attorney of the depositor or parent of a minor depositor. The format of the Special Power of Attorney may also be downloaded from the PDIC website.

The PDIC also reminded depositors who have been notified of their documentary deficiencies to comply with the requirements indicated in the letter.

The procedures and requirements for the filing of deposit insurance claims are posted in the PDIC website.

PDIC, as deposit insurer, requires personal data from depositors to be able to process their claims and protects these data in compliance with the Data Privacy Act of 2012.

Depositors who have outstanding loans or payables to the bank will be referred to the duly designated loans officer prior to the settlement of their deposit insurance claims.

For more information, depositors and depositor-borrowers may contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail at

Those outside Metro Manila may call the PDIC toll free at 1-800-1-888-PDIC or 1-800-1-888-7342. Inquiries may also be sent as private message at Facebook through (PR)