PDIC to pay depositors of closed Siargao Bank today

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The Philippine Deposit Insurance Corp. (PDIC) will start servicing the deposit insurance claims of depositors of the closed Siargao Bank (A Rural Bank), Inc. on Friday, July 3, 2015.

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Servicing of claims for the bank’s Head Office and Mainit Branch will be conducted on July 3 and 6, 2015, 8 a.m. to 5 p.m. The Head office is located at No. 03406 Jose C. Sering Building, Borromeo St., Surigao City, Surigao del Norte, while the Mainit Branch is at Palileo St., Mainit, Surigao del Norte.

Meanwhile, servicing of claims for the bank’s Dapa Branch will be conducted at the bank’s premises in Barangay 8, Dapa, Surigao del Norte on July 3, 6 and 7, 2015, 8 a.m. to 5 p.m.

Depositors with valid deposit balances of P50,000 and below, with complete mailing address found in the bank records or updated through the Mailing Address Update Form, and without any outstanding obligation with the bank do not need to file claims.

Depositors with account balances of more than P50,000, and those with outstanding obligations with the closed Siargao Bank or with incomplete mailing address, or those who maintain the account under the name of business entities, regardless of type of account and account balance, are required to file their deposit insurance claims. The announcement on the claims settlement operations of Siargao Bank is posted at its offices and in the PDIC website, www.pdic.gov.ph.

When filing claims for deposit insurance, depositors are advised to personally present the original copy of evidence of deposit such as Savings Passbook and Certificate of Time Deposit, and two (2) valid photo-bearing IDs with signature of the depositor. Depositors who were not able to come personally may file their claims through mail and enclose the same set of documentary requirements.

Depositors who are below 18 years old should be represented by a parent who should submit a photocopy of the child’s Birth Certificate issued by the National Statistics Office (NSO) or a duly certified copy issued by the Local Civil Registrar as an additional requirement. The parent should sign the Claim Form and the other requirements.

Claimants who are not the signatories in the bank records are required to submit an original copy of a notarized Special Power of Attorney (SPA). In the case of a minor depositor, the SPA must be executed by the parent.

The procedures and requirements for filing of deposit insurance claims are posted in the PDIC website, www.pdic.gov.ph. The Claim Form and format of the SPA may also be downloaded from the PDIC website. PDIC will not accept claims which are incomplete or lacking in requirements.

Depositors who are not able to file their claims during the claims settlement operations period may submit their claims either through mail to PDIC or personally at the PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City starting on July 16, 2015.

In accordance with the provisions of the PDIC Charter, the last day for filing deposit insurance claims in the closed Siargao Bank is on June 15, 2017. After this date, PDIC as Deposit Insurer, shall no longer accept any deposit insurance claims.

The PDIC said that all valid claims will be paid. For deposits to be considered valid, it must be recorded in the bank’s records and must have evidence of inflow of funds, based on the results of PDIC examination. PDIC, as Receiver, has the authority to adjust the interest rate on unpaid interests on deposits of a bank if such rate is deemed unreasonable.

For more information, depositors may contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail at pad@pdic.gov.ph. Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342).

PNA

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