July 1, 2024 – The Philippine Deposit Insurance Corporation (PDIC) announced the commencement of deposit insurance payouts for eligible depositors of the closed Rural Bank of Cuyo (Palawan), Inc. starting June 26, 2024.
This move comes after the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) ordered the closure of the Rural Bank of Cuyo (Palawan) Inc. on [DATE], citing [reasons for closure, e.g., financial insolvency, liquidity issues].
PDIC Steps in to Protect Depositors
The PDIC, as the Philippines' deposit insurance agency, is mandated to safeguard depositors' money up to a maximum of P500,000 per depositor. To expedite the claims process, the PDIC opted to utilize Postal Money Orders (PMOs) for payouts to depositors with balances not exceeding P500,000.
Claiming Your Deposit Insurance
Depositors of the Rural Bank of Cuyo (Palawan) Inc. should expect to receive their PMOs through their local post offices. The PDIC emphasizes that claiming PMOs is a straightforward process that can be done at any post office branch within the Philippines.
Important Reminders for Depositors
- Only depositors with account balances of P500,000 and below, with no outstanding loans with the closed bank, and with complete mailing addresses will receive PMOs.
- Depositors who have not received their PMOs by August 30, 2024, are urged to contact the PDIC through the following channels:
- PDIC Manila Hotline: (02) 8841-4141
- Email: cuyorb-pad@pdic.gov.ph (for Cuyo Rural Bank depositors specifically)
- PDIC Toll-Free Hotline (outside Metro Manila): 1-800-1-888-PDIC (7342)
- PDIC Facebook Page: https://www.facebook.com/OfficialPDIC/
For further information and inquiries, depositors can visit the PDIC website at https://www.pdic.gov.ph/.
PDIC: Protecting Depositors, Maintaining Financial Stability
The PDIC plays a crucial role in the Philippine financial system by promoting depositor confidence. By providing deposit insurance, the PDIC helps ensure the stability of the banking sector and encourages Filipinos to save their money in banks.
This incident highlights the importance of deposit insurance in safeguarding Filipinos' hard-earned savings. The PDIC's swift action in disbursing deposit insurance payouts demonstrates its commitment to protecting depositors and maintaining financial stability in the country.