The Philippine Deposit Insurance Corp. (PDIC) took over the single-unit Rural Bank of Hagonoy (Davao del Sur) Inc. and assured its depositors that all valid deposits shall be paid up to P500,000.
In a statement, the state insurer said that the Monetary Board of the Bangko Sentral ng Pilipinas placed the rural bank under its receivership on September 20 by virtue of MB Resolution No. 1521, adding that upon takeover, all bank records shall be gathered, verified and validated.
According to the latest Bank Information Sheet filed by the Rural Bank of Hagonoy with the PDIC, the bank’s president is Roberto Recede and majority-owned by Get Holdings Inc. (40 percent) and Guillermo Torres Jr. (26.92 percent).
The Rural Bank of Hagonoy is located in Guihing, Hagonoy, Davao del Sur and had 1,114 accounts with total deposit liabilities of P28.4 million.
PDIC added that a total of 1,112 deposit accounts or 99.8 percent of the accounts have balances of P500,000 or less and fully covered by deposit insurance, while total insured deposits amounted to P28 million or 98.8 percent of the total deposits.
It noted that a depositors-borrowers Forum was conducted on September 21 to inform depositors of the requirements and procedures for filing deposit insurance claims. The insurer said that depositors with valid deposit accounts with balances of P15,000 and below need not file deposit insurance claims.
“But depositors who have outstanding obligations with the Rural Bank of Hagonoy including co-makers of the obligations, and have incomplete and/or have not updated their addresses with the bank, regardless of amount, should file deposit insurance claims,” it added.
Furthermore, the PDIC explained that for depositors that need not file deposit insurance claims, PDIC targets to start mailing payments to these depositors at their addresses recorded in the bank by the second week of October 2013.
Meanwhile, for depositors that are required to file deposit insurance claims, the PDIC targets to start claims settlement operations for these accounts by the third week of October 2013.
“The schedule of the claims settlement operations will be announced through notices to be posted in the bank premises and other public places as well as through the PDIC website, www.pdic.gov.ph,” it further announced.