PDIC ends claims settlement service in defunct rural bank

CEBU, Philippines - The Philippine Deposit Insurance Corporation yesterday ended the servicing of deposit insurance claims of the depositors of the closed Lapu-Lapu Rural Bank in Carcar City, Cebu.

PDIC information officer Nathanael Tumbokon told The FREEMAN that since it was their last day yesterday at the bank, those who were not able to file their claim during the two-day claims settlement operation, may file through mail and enclose same set of documentary requirements together with the notarized claim form; or personally go to PDIC office in Makati City.

When filing claims, PDIC advised depositors to personally present the original copy of evidence of deposit such as a savings passbook or certificate of time deposit and two valid photo-bearing IDs with signature of the depositor.

Depositors with valid deposit balances of P100,000 and below do not need to file their claims for deposit insurance and are eligible for early payment.

While those depositors with account balances of more than P100,000 and with outstanding obligations with the bank are required to file their deposit insurance claims.

PDIC, which maintains a maximum deposit insurance coverage of P500,000, added that all valid claims will be paid.

PDIC took over the rural bank on January 29, 2016 after the Monetary Board placed the bank under PDIC's receivership.

“In accordance with the provisions of the PDIC Charter, the last day for filing deposit insurance claims in the closed Lapu-Lapu Rural Bank, Inc. is on January 29, 2018," the state deposit insurer said in a statement.

Lapu-Lapu Rural Bank’s closure is the first in Cebu this year. The rural bank had 1,909 accounts with total deposit liabilities of P67.6 million and total insured deposits of P60.7 million or 89.8 percent of the total, according to PDIC.  (FREEMAN)