The Market Monitor Minding the Nation's Business
Bank regulator Philippine Deposit Insurance Corp. (PDIC) has resumed its deposit insurance and liquidation operations in the closed Rural Bank of Barotac Viejo (Iloilo), Inc. (RB Barotac Viejo) following the expiration on May 20, 2017 of the Temporary Restraining Order (TRO) and/or Status Quo Ante Order (SQAO) issued against its move.
Upon the application of Ramon Tugbang and Patrick Tugbang, majority stockholders of RB Barotac Viejo, the Court of Appeals 19th Division in Cebu City issued the TRO/SQAO on March 13, 2017 effective for a period of 60 days that suspended PDIC’s deposit insurance and liquidation operations in the closed bank.
RB Barotac Viejo depositors may now receive and claim their insured deposits.
In line with this, PDIC has advised the Philippine Postal Corp (PPC) and its local post offices to immediately resume the delivery of the PPC-Money Order Service (PPC-MOS) checks representing deposit insurance payments for depositors whose valid deposits of P100,000 and below are eligible for this mode of deposit insurance payment.
Eligible for PPC-MOS check payments are depositors who have no outstanding loans with the closed RB Barotac Viejo, and who have complete mailing address in the bank records or updated this information through the PDIC Mailing Address Update Form (MAUF).
PPC-MOS checks amounting to P15,000 and below may be encashed with the depositors’ respective local post offices or Land Bank of the Philippines branches.
Depositors may also file their claims either personally at the PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City, or by mail addressed to the PDIC Public Assistance Department (PAD), 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City.
When filing deposit insurance claims either personally at the PAD or thru mail, depositors are required to submit their original evidence of deposit and present one valid photo-bearing ID with signature of the depositor. It is recommended, however, to bring at least two valid IDs in case of discrepancies in signature.