PDIC settles deposit insurance of Iloilo rural bank clients

Friday, March 17, 2017

MANILA – The Philippine Deposit Insurance Corp. (PDIC) has started mailing postal money orders (PMOs) to depositors of the now-defunct Rural Bank of Barotac Viejo (Iloilo) Inc.

The PMOs were sent to depositors eligible for early payment on March 8, eight days after the PDIC took over the bank on the heels of a closure order from the Monetary Bank in February.

“PMOs amounting to P15,000 and below may be encashed, either with the local postal office or the nearest branch of the Land Bank of the Philippines,” the PDIC said.

“… PMOs above P15,000 may be deposited to the depositor’s account in any local bank,” it added.

The Rural Bank of Barotac Viejo, a two-unit rural bank, was ordered closed by the Monetary Board through Resolution No. 284 dated on Feb. 23, 2017.

The PDIC advised depositors who have not received their checks to contact the Public Assistance Department through telephone numbers (02) 841-4630 to 31, or by email via pad@pdic.gov.ph.

Depositors outside Metro Manila may call the PDIC toll free at 1-800-1-888-PDIC (7342). Inquiries may also be sent to the official PDIC Facebook account at www.facebook.com/OfficialPDIC. (GMA News)