CEBU, Philippines - The Philippine Deposit Insurance Corp. (PDIC) is urging depositors and borrowers of the recently closed Lapu-Lapu Rural Bank Inc. in Carcar City, Cebu to attend a forum set on February 12 to clarify their queries.
Nathanael A. Tumbokon, information officer at PDIC, told The FREEMAN yesterday the meeting will be at the Carcar City gym.
The meeting will identify depositors who are eligible for early payment and will inform those not eligible on the requirements and procedures for filing deposit insurance claims.
PDIC took over the rural bank on January 29 after the Monetary Board of the Bangko Sentral ng Pilipinas placed the bank under PDIC's receivership. PDIC is now to gather, verify and validate all the bank's records.
Tumbokon said PDIC is starting the claims settlement of affected depositors by the third week of this month.
In an statement furnished by Tumbokon, the state deposit insurer assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.
Tumbokon said PDIC personnel are stationed at the bank premises to answer queries from clients.
BSP-Cebu Director Leonides B. Sumbi, in a phone interview, said these personnel will be available at the bank, located in Poblacion II, Carcar City, until Feb. 20. They are to gather information from clients, she said.
Sought for comment yesterday, Cebu Bankers Club President Maximo Eleccion believed the central bank is doing its job in the supervision and examination of banks amid the recent bank closure.
"It should always be like that so that there will be fewer victims," Eleccion said. However, he said he could not yet give an accurate assessment on the particular bank closure.
Tumbokon said Lapu-Lapu's closure is the first in Cebu this year and second nationwide after Rural Bank of Villaviciosa (Abra) Inc.
He added no bank closure happened in Cebu last year. "The last time was in 2013 when Rural Bank of San Fernando was ordered closed," he said.
According to PDIC, Lapu-Lapu Rural Bank had 1,909 accounts with total deposit liabilities of P67.6 million and total insured deposits of P60.7 million or 89.8 percent of total deposits.
Depositors who have valid accounts with balances of P100,000 and below are eligible for early payment and need not file deposit insurance claims except accounts maintained by business entities, the agency said.
"Depositors have to ensure that they have complete and updated addresses with the bank," PDIC said, adding it will start mailing payments to these depositors by third week of this month. Depositors may update their addresses until Feb. 10 by seeking help from PDIC personnel assigned at the bank.
Lapu-Lapu Rural Bank is 42.67 percent owned by Matias B. Aznar III. Some other personalities took shares of the ownership of the bank, whose president is Ramon Cayo Sanson Marfori and chairman is Jundeline Marie R. Sumanga.
As of September 2015, there are a total of 364 banks, mostly rural banks and cooperatives, placed under PDIC's receivership and liquidation, its data showed. – (FREEMAN)