PDIC to service claims of depositors of the closed Rural Bank of Cuyo (Palawan), Inc.
,%20Inc..jpg)
Required to file claims are the following: 1) Depositors, individuals or registered entities, with account balances of more than P500,000, 2) Depositors with outstanding obligations with the Bank, either as borrower, co-maker, or spouse of borrower; 3) Depositors with incomplete mailing addresses found in the bank records, or failed to update them through the PDIC Mailing Address Update Form (MAUF); 4) Depositors with accounts under the names of unregistered entities/associations; 5) Depositors with accounts not eligible for early payment, regardless of type of account and account balance; or 6) Deceased depositors whose filing of claims is thru their legal heirs.
The PDIC assured depositors that all valid deposit insurance claims will be paid up to the maximum deposit insurance coverage of P500,000.
Under the law, depositors have two years from PDIC’s takeover of the closed bank to file deposit insurance claims. In the case of the Rural Bank of Cuyo (Palawan), Inc. the deadline is on June 10, 2026. After this date, the PDIC as deposit insurer will no longer accept claims for insured deposits maintained with the closed bank.
For depositors’ convenience, the PDIC advised
to no longer wait for the June 10, 2026 deadline and called on those required
to file claims to take advantage of this three-day onsite servicing of claims.
Meanwhile, depositors with deposit balances that exceeded the maximum deposit insurance coverage (MDIC) of P500,000 are urged to file their deposit insurance claims on or before August 30, 2024. This is the deadline set under the law for the filing of claims against the assets of the closed Rural Bank of Cuyo (Palawan), Inc. Claims for deposits in excess of the MDIC or the uninsured portion are deemed filed when the claims for the insured portion are filed by August 30, 2024. The PDIC emphasized that the uninsured portion is no longer the state deposit insurer’s liability and is considered a claim against the remaining assets of the closed bank.
When filing claims for deposit insurance onsite, depositors have to personally present their Savings Passbook, Certificate of Time Deposit, or other evidence of deposits, and original and photocopy of one (1) valid photo-bearing ID with their signature.
Depositors below 18 years old should be represented by a parent/guardian who should sign the Claim Form, and must submit a photocopy of the child’s Birth Certificate issued by the Philippine Statistics Authority (PSA) or a duly certified copy issued by the Local Civil Registrar together with a valid ID of the parent/guardian. The original copy of a notarized or authenticated or apostilled Special Power of Attorney (SPA) of the depositor or parent of a minor depositor is required if the claimant is not the signatory in the bank records. A sample form of the SPA is available on the PDIC website.
For By or In Trust For (ITF) accounts, the agent as disclosed in the bank records may sign on the Claim Form. For joint accounts: “OR, AND/OR, AND”, each depositor in the joint account should accomplish and sign separate Claim Forms.
Depositors are advised to ensure that the
signatures on the Claim Form, bank records, and submitted IDs are similar. The
Claim Form may be downloaded from the PDIC website either at http://www.pdic.gov.ph/
For the convenience of depositors, filing of deposit insurance claims through e-mail has also been adopted. Clear and legible scanned copies of the documentary requirements should be sent to cuyorb-pad@pdic.gov.ph. Depositors may also file their claims through postal mail or courier service addressed to the PDIC Public Assistance Department, Ground Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City 1231.
Claims may also be filed personally at the
PDIC Public Assistance Center (PAC) located at the Ground Floor, PDIC Chino
Bldg., 2228 Chino Roces Avenue, Makati City 1231. For visits to the PAC,
clients are highly encouraged to request for an appointment by calling the
Public Assistance Hotline during office hours at (02) 8841-4141 or the
Toll-Free number at 1- 800-1-888-7342 or 1-800-1-888-PDIC; by sending an e-mail
to cuyorb-pad@pdic.gov.ph; or
by sending a private message via PDIC’s official Facebook page at www.facebook.com/
PDIC will not accept claims which are
incomplete or lack the requisite documents. The deposit insurer may also
require other documents in the course of the processing of claims. PDIC reminds
depositors to deal only with PDIC-authorized officers.
Meanwhile, filing of claims is waived for depositors with valid deposit balances of P500,000 and below; who have no obligations with the bank, have not acted as co-makers of these obligations, are not spouses of the borrowers, and have updated and complete mailing addresses in the bank records or through the PDIC-provided MAUF, and have not maintained the account under the name of unregistered entities/associations. Postal Money Order (PMO) checks have been sent to said depositors at their respective mailing addresses.
PDIC, as Deposit Insurer, requires personal data from depositors to be able to process their claims and protect these in compliance with the Data Privacy Act of 2012.
Rural Bank of Cuyo (Palawan), Inc. is a two-unit rural bank with Head Office located in Mendoza St., Bancal, Cuyo, Palawan and a branch lite unit in Subic Bay, Zambales. PDIC took over the bank on June 10, 2024.
For more information on the payout process
and requirements, depositors may call the PDIC Public Assistance Hotline at
(02) 8841-41-41, or the Toll-free hotline at 1-800-1-888- PDIC or
1-800-1-888-7342 during office hours. Depositors may also send an e-mail
to cuyorb-pad@pdic.gov.ph, or
a private message via the official PDIC Facebook page, www.facebook.com/
