Rural Bank of Hagonoy placed under PDIC receivership

MANILA, Philippines - The shuttered Rural Bank of Hagonoy (Davao Del Sur) Inc. has been placed under the receivership of the Philippine Deposit Insurance Corp. (PDIC) through Monetary Board Resolution No. 1521 dated Sept. 19.

The PDIC said in a statement the Rural Bank of Hagonoy, a single-unit bank located in Hagonoy in Davao del Sur, had 1,114 accounts with total deposit liabilities of P28.4 million as of end-June.

The state deposit insurer noted a total of 1,112 or 99.8 percent of the accounts have balances of P500,000 or less, which means they are fully covered by deposit insurance.

“Upon takeover, all bank records shall be gathered, verified and validated,” the state deposit insurer assured that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000,” PDIC has already conducted a depositors-borrowers forum last Sept. 21 for the bank’s clients and borrowers.

Depositors whose deposit accounts have balances of P15,000 and below are not required to file deposit insurance claims, PDIC said, but those who have outstanding obligations or those who have yet to update their information with the bank should file the claims.

The PDIC pointed out it hopes to start mailing payments to those not required to file claims by the second week of October. Meanwhile, the state deposit insurer will start mailing payments to those who need to file deposit insurance claims by the third week of October.

“The schedule of the claims settlement operations will be announced through notices to be posted in the bank premises and other public places as well as through the PDIC website, www.pdic.gov.ph.”

PDIC personnel are present at the bank premises to entertain questions from depositors and borrowers. At the same time, bank clients may also contact the PDIC at 1-800-1-888-7342, (02) 841-4630, and (02) 841-4631. The state deposit insurer may also be reached through e-mail at pad@pdic.gov.ph.

The Rural Bank of Hagonoy is majority owned by Get Holdings Inc. (40 percent) and Guillermo P. Torres Jr. (26.92 percent), the PDIC said, citing its latest Bank Information Sheet filed on April 30.