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PDIC starts deposit payment to depositors of the closed Palawan Bank; 4 more banks ordered closed

By JEAN JULIUS P. QUIZON

THE Philippine Deposit Insurance Corporation (PDIC) announced that it started mailing Postal Money Orders (PMOs) to all depositors eligible for outright payment who maintained deposits with the closed The Palawan Bank (Palawan Development Bank), Inc. on May 27, 2019, or 15 working days after the bank’s takeover on May 6, 2019.

Eligible for outright payment of deposit insurance are individual depositors with valid deposit balances of PhP100,000 and below who have no outstanding loans with the closed bank, and have complete mailing address in the bank records or updated this information through the PDIC Mailing Address Update Form (MAUF).

PMOs amounting to PhP15,000 and below may be encashed either with the local post office or with the nearest branch of the Land Bank of the Philippines.

Meanwhile, PMOs above PhP15,000 may be deposited to the depositor’s account in any local bank.

The Palawan Bank (Palawan Development Bank), Inc. was ordered closed by the Monetary Board through Resolution No. 660.A dated May 2, 2019. It is a 10-unit thrift bank with Head Office located at Unit 1 Goldraz Properties Bldg., Malvar St., Brgy. San Miguel, Puerto Princesa City, Palawan. It has nine branches: five are located in Palawan (Brooke’s Point, Narra, Quezon, Roxas, and Taytay) and four are located in Cebu (Carcar, Liloan, Minglanilla, and Naga).

Depositors who have not received their checks after two weeks are advised to contact the Public Assistance Department at telephone numbers (02) 841-4630, or e-mail PDIC at pad@pdic.gov.ph. Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342). Inquiries may also be sent to the official PDIC Facebook account at www.facebook.com/OfficialPDIC.

More banks closed

Palawan Bank is the second bank to have closed this year following the clo-sure of Rural Bank of Mabitac (Laguna), Inc. last February 22.

Following Palawan bank’s closure, four more banks were also ordered closed by the Monetary Board (MB), namely – Valiant Bank, Inc. (A Rural Bank) of Iloilo City, and Rural Bank of Basey (Samar), Inc. on May 16; Rural Bank of Guihulngan (Negros Oriental), Inc. on May 23; and East Coast Rural Bank of Hagonoy, Inc. on May 30.

This series of bank closures put to stop the operation of 39 banking units and accounted to a total of deposit liabilities of Php 1.52 billion where only 76.04% or a total of Php 1.13 billion are insured with the PDIC.| #BALIKAS_News

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