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.

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