The Philippine Deposit Insurance Corporation (PDIC) announced that the Philippine Postal Corporation (PPC) started mailing the payment for valid savings deposit accounts with balances of P15,000 and below maintained with the closed Rural Bank of Dasmariñas (Cavite) on December 11, 2012, twelve days after the bank’s closure on November 29, 2012.

The payments were in the form of postal money orders (PMOs) sent through registered mails which may be encashed either with the local postal office or with the nearest branch of the Land Bank of the Philippines.

According to the PDIC, postal money order payments were made to 1,492 accounts or 57.5% of the total estimated insured accounts of 2,595 maintained with the Rural Bank of Dasmariñas.

Under this automatic payment scheme, depositors who have savings accounts with balances of P15,000 and below, who have no outstanding loans or obligations with the Rural Bank of Dasmariñas; and who have complete and updated addresses in the bank’s records or have updated their addresses using the PDIC Depositor Update Forms are not required to file their deposit insurance claims. The waiver of the requisite filing of claim provided convenience to these small depositors. It was also a means to protect and service these small depositors by providing them immediate access to their deposit insurance.

Meanwhile, the PDIC announced that it will start receiving and servicing deposit insurance claims from the rest of the depositors of the Rural Bank of Dasmariñas on December 18 up to December 21, or 19 days after the bank’s closure. Servicing of claims will be conducted at the bank’s premises located at 19 Camerino Avenue, Dasmariñas, Cavite.

Those who are required to file their deposit insurance claims are the following: 1) Depositors whose savings accounts have balances of more than P15,000; 2) All depositors who are holders of Certificates of Time Deposits regardless of the deposit balance; and 3) Depositors who have outstanding obligations with the Rural Bank of Dasmariñas regardless of type of account.

Details of the claims settlement operations as well as requirements for the filing of claims may be accessed at the PDIC website, www.pdic.gov.ph. For more information, depositors may contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail at [email protected].

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The Philippine Deposit Insurance Corporation (PDIC) was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing permanent and continuing deposit insurance. Effective June 1, 2009, the maximum deposit insurance coverage is P500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.
PDIC news/press releases and other information are available at the website, HYPERLINK “http://www.pdic.gov.ph” www.pdic.gov.ph.

Corporate Communications Dept.
Tel: (O2) 8414637 / Fax (02) 8414833
Trunkline: (02) 8414000
Email: [email protected]