PDIC says two weeks left to file claims vs. Rural Bank of Caloocan

THE Philippine Deposit Insurance Corp. (PDIC) said creditors of the shuttered Rural Bank of Caloocan, Inc. have until Sept. 13 to file claims against the bank’s assets. 

The PDIC said in a statement Friday that claims filed beyond the deadline will be denied and creditors will have to send their claims to liquidation court within two months after receiving the final notice of denial, or 20 days after the order that set the petition for assistance in the liquidation proceeding has been published. 

Those eligible to file claims are former creditors with a valid claim against the rural bank’s assets, including depositors who had uninsured deposits that were not covered by PDIC. The agency insures deposits worth up to P500,000 per person. 

Claims can be filed online through e-email, physical mail addressed to the insurer, or by appointment. 

The Bangko Sental ng Pilipinas (BSP) shut down Rural Bank of Caloocan on June 24 and assigned the PDIC to take over and liquidate its assets. 

The bank’s main office was at Maypajo, Caloocan City and had an extension office at A. Mabini St., Caloocan City. 

In 2015, the BSP launched the Consolidation Program for Rural Banks, incentivizing mergers and consolidations among smaller lenders, which had been set to run until 2017, and later extended until 2019. 

It also rolled out the Rural Banking Industry Strengthening Program in March to create an interagency task group that will assess the needs and challenges of rural banks. 

The PDIC has 78.2 million deposit accounts fully covered as of the end of March, or 96.7% of all accounts in the country. – Beatrice M. Laforga 

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