PDIC to pay depositors of closed Lingayen rural bank

Posted at 04/21/14 3:39 PM

MANILA, Philippines – The Philippine Deposit Insurance Corporation (PDIC) is set to pay depositors of the closed Gulf Bank (Rural Bank of Lingayen, Inc.) in Pangasinan starting Friday, April 25.

PDIC said the servicing of the deposit insurance claims for the bank's head office will be held on April 25, 28 and 29 at the bank’s premises in No. 3 Avenida Rizal East St., Lingayen, Pangasinan from 8 a.m. to 5 p.m.

Servicing of claims for the bank's Alaminos and Dagupan branches will be on April 25 and 28 at the bank premises.

Servicing of claims at the Baguio and Mangatarem branches, on the other hand, will be held only on April 25 at the premises.

PDIC said depositors with validated 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.

Those who will be required to file claims are depositors whose accounts have balances of more than P50,000 and who have outstanding obligations with the closed Gulf Bank regardless of type of account.

The procedures and requirements for the filing of deposit insurance claims are posted in the PDIC website. The Claim Form and format of the Special Power of Attorney may also be downloaded from the PDIC website.

When filing deposit insurance claims, depositors are advised to personally present their duly accomplished Claim Form, original copy of evidence of deposit such as Savings Passbook and Certificate of Time Deposit, and original copy of two (2) valid photo-bearing IDs with signature of the depositor.

Depositors may also file their claims through mail and enclose the same set of document requirements.

The PDIC said that all valid claims will be paid as long as it is in the bank's records and must have evidence of inflow of funds, based on the results of PDIC examination.

As receiver, PDIC is authorized to adjust the insurance rate on the unpaid interest offered by a bank if deemed unreasonable.