Borrowers of closed rural bank urged to transact with PDIC

MANILA, Philippines - The Philippine Deposit Insurance Corp. advised yesterday borrowers of the closed Rural Bank of Oroquieta (Misamis Occidental) Inc. to only transact with its authorized representatives.

The Rural Bank of Oroquieta was placed by the central bank under the receivership of the PDIC last July 21.

The state deposit insurer said borrowers of the closed rural bank may pay their obligations at any Philippine National Bank branch under the account name “PDIC FAO BURL – Rural Bank of Oroquieta (Misamis Occidental).”

“(PDIC) has discontinued the engagement of the bank’s collectors. PDIC has not engaged any person to collect the loans of the bank,” PDIC said.

“To ensure proper recording of payments made by borrowers… (PDIC) advised borrowers to keep copies of the PNB deposit/payment slips… only payments with validated PNB deposit/payment slips shall be considered valid payments,” the PDIC added.

The state deposit insurer said it will issue official receipts upon the validation of payments and such will be sent via mail to the borrowers.

For those who have yet to receive their official receipts, the insurer said they should send a copy of their deposit slips through mail to Democrito Bitang, deputy receiver for loans, at the PDIC office in Makati City. Borrowers may also send a copy of their deposit slips through e-mail at [email protected] or [email protected].

Rural Bank of Oroquieta was the seventh bank closed this year. 

Rural Bank of Oroquieta is a two-unit bank with a head office in Oroquieta City, Misamis Occidental. Its only branch, meanwhile, is located in Calamba, Misamis Occidental.

PDIC said available data showed the rural bank had 6,622 accounts with total deposits amounting to P206.9 million. Of these, 98.8 percent or 6,542 accounts have balances of P500,000 or less and are fully covered by deposit insurance.

As of end-2013, the bank is owned by Mila G. Montesa (24.23 percent), the heirs of Francisco German Jr. (17.27 percent), the heirs of Trudon German (16.58 percent), Rosario G. Leopoldo (6.97 percent), Philip O. Casing (5.61 percent), Segundino A. Caliao (5.16 percent), Maximo W. Bigol (3.3 percent), Julito W. Bigol (3.3 percent), Julita B. Prasnik (3.3 percent), the heirs of Emeterio Ocaya (3.1 percent), Angelina L. German (2.73 percent) and Victor W. Bigol (2.03 percent).

Its chairman and president is Mila G. Montesa.