June 27, 2024 - The Philippine Deposit Insurance Corporation (PDIC), as receiver of the closed Rural Bank of Cuyo (Palawan) Inc., announced the start of servicing deposit insurance claims for affected depositors. This comes after the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) ordered the bank's closure on June 6, 2024, citing [reasons for closure, e.g., financial difficulties, liquidity issues].
Simplified Claims Process for Most Depositors
Starting July 4, 2024, depositors with accounts of P500,000 and below can conveniently file their claims directly at the bank premises located in Mendoza St., Bancal, Cuyo, Palawan. The claims filing will be conducted for three days, from 8:00 AM to 5:00 PM, on July 4, 5, and 8 to accommodate a wider range of depositors.
Depositors are advised to bring the following documents for a smooth claims filing process:
- Original evidence of deposit (e.g., Savings Passbook, Certificate of Time Deposit, Bank Statement)
- Two (2) valid government-issued IDs with photo and signature
Alternative Channels for Larger Deposits
For depositors with accounts exceeding P500,000, PDIC offers alternative channels for filing claims due to the higher amount involved. These depositors can choose to file their claims through the following methods:
- E-mail: Submit scanned copies of required documents to a designated PDIC email address (to be announced by PDIC)
- Postal Mail: Send certified mail with required documents to the PDIC Claims Processing Department address (to be announced by PDIC)
- Courier Service: Send required documents through a reputable courier service to the PDIC Public Assistance Center
- PDIC Public Assistance Center (By Appointment): Depositors with larger claims may opt to file in person at the PDIC Public Assistance Center. However, due to anticipated high volume, setting an appointment beforehand is highly encouraged to avoid long wait times.
What Happens Next?
Once a depositor files a claim, PDIC will validate the information and assess its eligibility for deposit insurance coverage. The maximum deposit insurance coverage is currently P500,000 per depositor. PDIC aims to settle valid claims within 30 days after the filing date.
For further information and inquiries, depositors can visit the PDIC website at https://www.pdic.gov.ph/ or contact the PDIC Public Assistance Center at (02) 8841-4000.