PDIC to Pay Depositors of the Closed Sarangani Rural Bank, Inc. (SRBI) Starting December 17

MANILA, Philippines, Dec. 16 -- The Philippines Department of Finance issued the following news release:

The Philippine Deposit Insurance Corporation (PDIC) will start servicing the deposit insurance claims of depositors of the closed Sarangani Rural Bank, Inc. (SRBI) on December 17 to 18, 2013, from 8:00 a.m. to 5:00 p.m. Servicing of claims will be conducted at the bank's premises located along P. Acharon Boulevard, General Santos City, South Cotabato.

Depositors with validated deposit balances of P50,000.00 and below, with complete mailing address found in the bank records or updated through the Mailing Address Update Form, and without any outstanding obligation with the bank do not need to file a claim.

This will be the first bank to be closed where the amount that does not require the filing of a claim under the above terms is now P50,000 from the previous amount of P15,000.

Depositors whose accounts have balances of more than P50,000 and who have outstanding obligations with the Sarangani Rural Bank regardless of type of account are required to file their deposit insurance claims. The announcement on the claims settlement operations of Sarangani Rural Bank is posted at the bank's premises and on the PDIC website, www.pdic.gov.ph.

When filing deposit insurance claims, depositors are advised to personally present their duly accomplished Claim Form, original evidence of deposit, and original copy of two (2) valid photo-bearing IDs with signature of the depositor. Depositors may also file their claims through mail and enclose the same set of document requirements.

Depositors who are below 18 years old should submit either a photocopy of their Birth Certificate issued by the National Statistics Office (NSO) or a duly certified copy issued by the Local Civil Registrar as an additional requirement. Claimants who are not the signatories in the bank records are required to submit an original copy of a notarized/authenticated Special Power of Attorney of the depositor or parent of a minor depositor.

The procedures and requirements for the filing of deposit insurance claims are posted in the PDIC website,www.pdic.gov.ph. The Claim Form and format of the Special Power of Attorney may also be downloaded from the PDIC website.

Depositors who are not able to file their claims during the claims settlement operations period may submit their claims either through mail to PDIC or personally at the PDIC Office, 4th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City starting on January 2, 2014.

In accordance with the provisions of the PDIC Charter, the last day for filing deposit insurance claims in the closed Sarangani Rural Bank is on December 7, 2015. After this date, PDIC as Deposit Insurer, shall no longer accept any deposit insurance claim.

The PDIC said that all valid claims will be paid. For deposits to be considered valid, it must be recorded in the bank's records and must have evidence of inflow of funds, based on the results of PDIC examination. PDIC, as Receiver, has the authority to adjust the insurance rate on the unpaid interest offered by a bank if this is deemed unreasonable.

For more information, depositors may contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail at [email protected]. Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342).

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