PDIC takes over rural bank in Davao del Sur
MANILA, Philippines - A rural bank in Davao del Sur has been placed under the receivership of the Philippine Deposit Insurance Corp. (PDIC).
The Rural Bank of Hagonoy (Davao Del Sur) Inc. is single-unit bank located in Hagonoy in Davao del Sur. It had 1,114 accounts with total deposit liabilities of P28.4 million as of end-June.
PDIC said nearly all (1,112) of the accounts have balances of P500,000 or less, which means they are fully covered by deposit insurance.
"Upon takeover, all bank records shall be gathered, verified and validated. The state deposit insurer assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.00," PDIC said.
The bank is majority owned by Get Holdings Inc. (40%) and Guillermo P. Torres Jr. (26.92%), the PDIC said.
Depositors whose deposit accounts have balances of P15,000 and below are not required to file deposit insurance claims.
Those who have outstanding obligations and those who haven't updated their information with the bank should file claims.
The PDIC said it expects to start mailing payments to those not required to file claims by the second week of October. It will send payments to those who have to file deposit insurance claims by the third quarter of October.