For Rural Bank of San Fernando borrowers, PDIC: Transact only with authorized representatives

CEBU, Philippines - The Philippine Deposit Insurance Corporation reminded borrowers of the closed Rural Bank of San Fernando (Cebu) to continue paying their loans and transact only with their authorized representatives.

In a statement, PDIC, the receiver of the said bank, advised borrowers to pay their loans and other obligations directly at any Philippine National Bank Branch under account name, PDIC FAO BURL – RURAL BANK OF SAN FERNANDO (CEBU), INC. with Reference Number 373-0949-00013.

PDIC also cautioned borrowers that it has discontinued the engagement and it has not engaged any person to collect the loans of the rural bank’s collectors.

To ensure proper recording of payments made by borrowers, PDIC likewise advised borrowers to keep copies of the PNB Deposit/Payment Slips.

PDIC added that only payments with validated PNB Deposit/Payment Slips shall be considered valid payments.

To recall, the Monetary Board placed the said rural bank under the receivership of the PDIC by virtue of MB Resolution No. 1087 dated July 4, 2013.

As receiver, PDIC took over the bank on July 5, 2013. Upon takeover, all bank records are gathered, verified and validated.

PDIC is a government instrumentality attached to the Department of Finance whose principal roles includes as a deposit insurer, co-regulator of banks, receiver and liquidator of closed banks.

PDIC aims to provide depositor protection and help maintain stability in the financial system by providing permanent and continuing deposit insurance. —(FREEMAN)