PDIC starts paying depositors of Salinas rural bank

Depositors of the now-closed Rural Bank of Salinas Inc. with balances of P100,000 and below can expect to receive payments from the Philippine Deposit Insurance Corp. (PDIC).

Since November 25, 2016, the PDIC started mailing postal money orders (PMOs) to cover the insurance of valid deposit accounts, the state-run deposits insurer said in an emailed statement on Tuesday.

"Eligible to receive early payments via PMOs are depositors with valid deposit balances of P100,000 and below, with no outstanding loans with the rural bank and with complete mailing address on record or updated information through the PDIC Mailing Address Update Form (MAUF)," it said.

The PMOs may be encashed, either with the postal office or the nearest branch of the Land Bank of the Philippines.

The PDIC is asking those who have not received their checks to contact the Public Assistance Department or email the PDIC.

Depositors outside Metro Manila may also call the PDIC hotline at 1-800-1-888-PDIC (7342).

The Rural Bank of Salinas in Cavite was ordered closed on November 11.

Other lenders shuttered by the Bangko Sentral ng Pilipinas were the Rural Bank of Amadeo Inc. (Cavite), Community Rural Bank of Dingras Inc. (Ilocos Norte), Sampaguita Savings Bank Inc. (Laguna), Rural Bank of Luna Inc. (Isabela), Rural Bank of Claveria Inc. (Cagayan), Rural Bank of Alabat Inc. (Quezon), Rural Bank of Cabadbaran Inc. (Agusan), and Rural Bank of Siaton Inc. (Negros Oriental).

Other banks shut down earlier this year were the state-owned GSIS Family Bank, Surigao City Evergreen Rural Bank Inc., Rural Bank of Malinao Inc. (Aklan), Koronadal Rural Bank Inc. (South Cotabato), Rural Bank of Panay Inc. (Capiz), Rural Bank of Basay Inc. and the Rural Bank of Bayawan Inc. (Negros Oriental), the Lapu-Lapu Rural Bank Inc. (Cebu), and the Rural Bank of Villaviciosa Inc. (Abra). — Jon Viktor Cabuenas/VS, GMA News