PDIC puts Rural Bank of Buguias under its control, surprised depositors panic

BAUKO, Mountain Province – Hundreds of alarmed depositors of  the Rural Bank of Buguias branch here lined up to withdraw their savings after it was put under  receivership by the Philippine Deposit Insurance Corporation by virtue of Bangko Sentral ng Pilipinas Resolution 1704 dated Oct.  22, 2015.

As news spread of the receivership, depositors also flocked to Abatan, Buguias only to be met by the same situation.

People said they were surprised and panicked over their savings. They were later relieved when the PDIC representative explained, these will be returned in due time when processes will be completed.

PDIC scheduled a depositors’ forum on Nov. 9 at 9 a.m. at the Bauko Municipal Gymnasium to answer questions from the people.

The depositors expressed hope that their money be returned the soonest possible time or on time for the Christmas season  and not later than the  election campaign period.

Many local politicians deposited their campaign fund  at the said bank  and now in quandary where to get fund to augment their campaign operations.-- ArseniaAddon