KORONADAL CITY – The Monetary Board of the Bangko Sentral ng Pilipinas said it has prohibited Rural Bank of Polomolok in South Cotabato from doing business and ordered the Philippine Deposit Insurance Corporation (PDIC) to take over the problematic bank.
The Monetary Board said latest available records show that as of
December 31, 2021, the Rural Bank of Polomolok has 3,326 deposit accounts with
total deposit liabilities of P61.9 million, of which 96.3% or P59.6 million are
insured deposits. The PDIC assured depositors that all valid deposits and
claims will be paid up to the maximum deposit insurance coverage of P500,000
per depositor.
Individual account holders of valid deposits with balances of
P100,000 and below, who have no outstanding obligations or have not acted as
co-makers of obligations with Rural Bank of Polomolok are not required to file
deposit insurance claims, according to the MB.
These individual depositors, it added, must ensure that they
have complete and updated addresses with the bank. For business
entities and all other depositors, filing of claims for insured deposit is
targeted to start by August 22. Borrowers are likewise reminded to continue
paying their loan obligations with the closed Rural Bank of Polomolok and to
transact only with designated PDIC representatives.
It said the PDIC shall likewise accept Letters of Intent from
interested banks and non-bank institutions for possible purchase of assets and
assumption of liabilities as a mode of liquidating Rural Bank of
Polomolok.
The Rural Bank of Polomolok has its head office in the village
of Magsaysay in Polomolok and has branches are in General Santos City, South
Cotabato; and in Alabel and Maasim in Sarangani.
The BSP also closed the Banco Rural De General Tinio in Nueva
Ecija; Farmers Savings and Loan Bank Inc. based in Bulacan; Metro-Cebu Public
Savings Bank; the Rural Bank of Mahaplag in Leyte; the Rural Bank of Salcedo in
Ilocos Sur.; the Rural Bank of San Lorenzo Ruiz in Siniloan); and the Rural
Bank of San Nicolas in Pangasinan. (Mindanao Examiner)
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