PDIC tells borrowers of Xavier-Tibod bank to pay outstanding loans

Borrowers of the shuttered Xavier-Tibod Bank Inc. in Cagayan de Oro must pay their loans even after the rural bank was ordered closed by the Monetary Board, the Philippine Deposit Insurance Corp. (PDIC) said Monday.

In an emailed statement, the deposits insurer noted that the "are under obligation to pay their loans notwithstanding the closure of the bank."

Xavier-Tibod Bank was ordered closed under Monetary Board Resolution No. 2133.A, dated December 1, 2016.

The PDIC aid it has not hired any person, agent or agency to collect loan payments for and on behalf of the bank, but the borrowers must transact only with authorized representatives of Xavier-Tibod.

"Deposits of borrowers who have past due loans with the bank are automatically applied to their loans, by operation of law. If the loans are on current status, the borrowers may opt to apply their deposits against their loans, to avoid paying interest on their loans," it said.

Borrowers with outstanding loans and obligations may pay through any Philippine National Bank (PNB) branch, or via postal money order (PMO) addressed to the PDIC FAO BURL-XAVIER-TIBOD BANKS.

They may also pay directly through the PDIC Public Assistance Center within the SSS Building at 6782 Ayala Avenue corner V.A. Rufino in Makati City. — Jon Viktor Cabuenas/VS, GMA News