Govt closes rural bank


The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) has ordered the closure of the Rural Bank of Catubig (Northern Samar) Inc.

In a resolution dated November 7 and signed by BSP Deputy Gov-ernor Nestor Espenilla Jr., the MB placed the said rural bank under the receivership of the state insurer Philippine Deposit Insurance Corp. (PDIC).

The MB stated that it has “de-cided to prohibit the Rural Bank of Catubig (Northern Samar) Inc. from doing business in the Philip-pines and to place its assets and affairs under receivership” pursu-ant to The New Central Bank Act.

On the other hand, in a statement, PDIC announced that it will continue to receive and process deposit insurance claims from depositors of previously closed Rural Bank of Sto. Tomas (Davao del Norte) Inc.

It has concluded the onsite claims settlement operations for the rural bank on October 14, 2013.

The state insurer sent notices of payment amounting to P6.71 million involving 6,210 accounts with balances of P15,000 and below, where the filing of claims is waived by PDIC.

Meanwhile, PDIC paid 715 claims during the onsite claims settlement operations involving 587 accounts for a total amount of P40.48-million deposits.

“As of October 14, 2013, PDIC has yet to receive deposit insurance claims for 948 accounts, or 59 percent out of 1,617 accounts that require the filing of claims. The total amount of deposits covered by these claims is P6.45 million,” it said.

Furthermore, the PDIC advised depositors to personally present their duly accomplished claim form, original evidence of deposit and two original valid photo-bearing identification cards with signature of the depositor upon the filing of deposit insurance claims.


Please follow our commenting guidelines.

Comments are closed.