PDIC sets February 3 claim deadline for Medellin Bank

CEBU, Philippines — The Philippine Deposit Insurance Corporation (PDIC) has issued a reminder to creditors of the closed Community Rural Bank of Medellin (Cebu), Inc. to submit their claims against the bank’s assets on or before February 3, 2025.

The state deposit insurer emphasized that claims submitted after the deadline will be disallowed.

Creditors, including individuals or entities with legitimate claims against the bank’s assets, and depositors with uninsured deposits exceeding the maximum deposit insurance coverage (MDIC) of P500,000, are urged to file their claims through the following channels:

Email: [email protected] or mail addressed to the PDIC Public Assistance Department, Ground Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City 1231.

Mailed claims must bear a postmark dated no later than February 3, 2025. Personal filing: At the PDIC Public Assistance Center (PAC), located at Ground Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City. The center operates from Monday to Friday, 8:00 AM to 5:00 PM.

Clients are encouraged to schedule an appointment via the Public Assistance Hotline at (02) 8841-4141 or Toll-Free at 1-800-1-888-7342 (1-800-1-888-PDIC), via email, or through the PDIC's official Facebook page.

The prescribed Claim Form can be downloaded from the PDIC website. PDIC advises creditors to engage only with authorized PDIC personnel to avoid fraudulent transactions.

Creditors whose claims are denied or disallowed will be notified via mail. They may appeal to the liquidation court within 60 days from receipt of the final denial notice or within 20 days from the publication of the Order setting the Petition for Assistance in the Liquidation Proceeding for the initial hearing, whichever comes later.

Depositors with balances exceeding the MDIC of P500,000 who have already filed claims for the insured portion by February 3, 2025, will be considered to have automatically filed for the uninsured portion of their deposits.

As the Receiver of closed banks, PDIC collects and safeguards personal data from creditors in compliance with the Data Privacy Act of 2012 to facilitate the claims process.

Community Rural Bank of Medellin (Cebu), Inc. was officially closed through Monetary Board Resolution No. 1287 dated November 14, 2024.

The bank operated a single branch located at Jose Rizal St., Brgy. Poblacion, Medellin, Cebu. — (FREEMAN)