PDIC to refund depositors of closed Pangasinan bank

 Up to P500-K per depositor 

By Liwayway Yparraguirre

DAGUPAN CITY – The Philippine Deposit Insurance Corp. (PDIC) urged eligible depositors of the closed Bangko Pangasinan-A Rural Bank, Inc. to submit to them their updated mailing address so it could mail them their check refunds.
    Jose Villaret Jr., PDIC Vice President for Corporate Affairs Group, in an interview, said depositors with deposit balances of P100,000 and below may accomplish and submit their Mailing Address Update Forms (MAUF), either electronically or physically, through the drop box at the premises of the branch where their deposit account is.
    The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited Bangko Pangasinan-A Rural Bank from doing business in the Philippines through a resolution dated June 1, 2023, which also directed the PDIC, as the receiver, to proceed with the takeover and liquidation of the bank.
    The PDIC took over the bank on June 2, 2023.
    The Bangko Pangasinan, a rural bank’s main office is in Mayombo, Dagupan City.
    It has branches in Alaminos City, Burgos, Aguilar, and Bolinao, all in the province of Pangasinan.
    The PDIC assured depositors that all valid deposits and claims would be paid up to the maximum deposit insurance coverage of P500,000 per depositor.
    “Kapag nagsara ang isang bank, doon lang makikita ng PDIC ang records niya (When the bank closes, that is the only time the PDIC could check its records). We are asking all the depositors to send an updated mailing address, it can be electronic or physical, so we know where to send your check if your balance is P100,000 or less. We plan to send the checks within the month. We have a team now in Pangasinan to process all the records, then process the checks, which we hope to send within the month,” Villaret said.
    He also said they would be calling for a depositors and borrowers’ meeting, which will be done per branch to meet with bank depositors.
    “We will announce the exact dates and venues for depositors' and borrowers' meetings. We need to check the records of the bank so we would know their balances. For the depositors, we will explain to them the process, what they need to prepare, and when the planned pay-out is,” he added.
    Villaret said pay-out or claims settlement would be done in two ways.
“    First priority is the depositors with P100,000 and below deposit balance and have no loan in the bank. Update us on your address so that we can send you your check. They don’t have to go to the bank,” he said.
    He said they would announce the date of the meeting of all depositors and borrowers toward the end of June.
    “We will be calling for the claims settlement for depositors who have balances of greater than P100,000 but below P500,000. We will be asking you to file a claim. Because of the amount of their deposit, we need to see them in person. We will be scheduling pay-outs in July,” he said.
    Villaret said that even if their depository bank was closed, borrowers have to pay their loans.
    He is encouraging the borrowers, nonetheless, to avail of the PDIC Closed Bank Loan Incentive Program or CLIP.
    The CLIP is an enhanced loan incentive program offered by the PDIC that aims to make it easier for borrowers of closed banks to pay off their outstanding loans, help them regain their good credit standing, recover their mortgaged assets, and gain peace of mind. – PNA