State-run Philippine Deposit Insurance Corp. (PDIC) will pay 77 percent of deposit accounts in the recently closed Rural Bank of Catubig (Northern Samar) Inc.
In a statement, the state insurer announced that it will pay valid accounts with balances of P5,000 and below in cash during the claim settlement operations to be scheduled as soon as possible.
“Under PDIC’s policy on payment of deposit insurance, the corporation is authorized to pay in cash under special circumstances such as calamity. Samar is one of the provinces that was devastated by Super Typhoon Yolanda,” it stated.
The Monetary Board of the Bangko Sentral ng Pilipinas placed the Rural Bank of Catubig (Northern Samar) Inc. under the receivership of the PDIC by virtue of MB Resolution 1838 dated November 7. As receiver, PDIC took over the bank on November 11, 2013.
The Rural Bank of Catubig is a single-unit bank located on B. Tafalla Street, Barangay 7, Poblacion, Catubig, Northern Samar and majority-owned by Jaime Jamer (26.34 percent), Nelida Uy (25.74 percent), Fe Jamer (10.68 percent) and Jihan Tamares (6.39 percent). Its president and chairman is Nelida Uy.
Records showed that the closed rural bank and had 156 accounts with total deposit liabilities of P2.8 million. All 156 deposit accounts have balances of P500,000 or less, and fully covered by deposit insurance. A total of 120 accounts have balances of P5,000 and below.
“In order to be paid in cash, depositors must present their evidence of deposit such as savings passbook, certificate of time deposit, latest bank statements, unused checks, or ATM card; and a valid identification document or barangay certificate,” the state insurer noted.
The PDIC said that upon takeover, all bank records shall be gathered, verified and validated. It assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.