Tuesday, October 27, 2015

Rural Bank Of Buguias (Benguet) Inc. Ordered To Be Closed By The Bangko Sentral Ng Pilipinas (BSP)

If you are a depositor in any of the six branches of the Rural Bank of Buguias (Benguet), Inc., be informed that the bank has been shut down by the Bangko Sentral ng Pilipinas (BSP) through its Monetary Board. The seven-member Monetary Board is given the responsibility of exercising the powers and functions of the BSP. With that said, the Rural Bank of Buguias is now under the receivership of the Philippine Deposit Insurance Corporation (PDIC). The takeover is an enforcement of MB No. 1704 dated October 22, 2015. The PDIC took over the bank on October 26, 2015.

The bank's main office is located in Abatan, Buguias, Benguet. It has five branches located in Cervantes, Ilocos Sur; Kabayan, Benguet; La Trinidad, Benguet; Bauko, Mt. Province; and Tadian, Mt. Province. Based on the latest available data, the bank has 16,244 accounts with total deposit liabilities of 347.4 million pesos. 87.2% (303.1 million pesos) of these deposits are insured.

With the takeover, the PDIC will have to gather, verify, and validate all bank records. The state-run corporation said that "all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.00". If you are a depositor in the bank, take note of the phrase "valid deposits". This is why you should start updating your records.
Photo by The Cordilleran Sun
Here are a few things you should know (Source: PDIC website): 
1) Depositors with valid deposit accounts with balances of P100,000.00 and below shall be eligible for early payment and need not file deposit insurance claims, except when they have outstanding obligations with Rural Bank of Buguias or acted as co-makers of these obligations.
2) Depositors have to ensure that they have complete and updated addresses with the bank. PDIC targets to start mailing payments to these depositors at their addresses recorded in the bank by the second week of November 2015.
3) Depositors may update their addresses until November 5, 2015 using the Mailing Address Update Forms to be distributed by PDIC representatives at the bank premises.
4) For depositors that are required to file deposit insurance claims, the PDIC targets to start claims settlement operations for these accounts by the third week of November 2015.
5) The PDIC also announced that it will conduct a Depositors-Borrowers Forum from November 6-9, 2015. It enjoins all depositors to attend the Forum to verify with PDIC representatives if they are eligible for early payment. Those not eligible will be informed of the requirements and procedures for filing deposit insurance claims. The time and venue of the Forum will be posted in the bank's Head Office and in the premises of its branches, and announced in the PDIC website, www.pdic.gov.ph. Likewise, the schedule of the claims settlement operations, as well as the requirements and procedures for filing claims will be announced through notices to be posted in the bank premises, other public places and the PDIC website.








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