March 21, 2023

PDIC starts deposit insurance payments and processing of claims following rural bank closure

The Philippine Deposit Insurance Corporation (PDIC) announced that it has started paying deposit insurance to all eligible depositors who maintained deposits with the closed Rural Bank of San Agustin (Isabela), Inc.

Since Jan.27, the PDIC has been paying depositors eligible for outright payment of deposit insurance through Postal Money Orders (PMOs).

These are individual depositors with valid deposit balances of up to P100,000 and with no outstanding loans with the closed bank.

The depositors also have a complete mailing address in the bank records or have updated this information through the PDIC Mailing Address Update Form (MAUF).

The regulator also announced that it will start the on-site servicing deposit insurance claims of depositors with account balances of more than P100,000 beginning Feb.9 until Feb.13.

Deposit insurance claims will be accepted at the branch where the account was maintained, either in the rural bank’s Head Office in Jones, Isabela, or its San Agustin Branch.

Rural Bank of San Agustin (Isabela), Inc. was shut down by the Monetary Board following its resolution No. 3.A dated January 5, 2023.