PDIC allays bank depositors’ fears | Inquirer News

PDIC allays bank depositors’ fears

/ 08:13 AM July 07, 2013

CRESENCIA Nadela, a 73-year-old farmer of Liboron, San Fernando town went to the Rural Bank of San Fernando to make her usual deposit and was unprepared for what transpired last Friday.

Nadela and dozens of depositors, some of whom have placed money in the bank since they were children, were shocked to find it closed and is under receivership by the Philippine Deposit Insurance Corp. (PIDC).


“I was so worried and afraid if they would not pay us back since I worked hard in the farm to raise money,” Nadela said of her P75,000 cash deposit which she took from the income she earned from her farm for the past 15 years.

She waited outside the bank since 8 a.m, clad in her light blue kamisa de chino and off white shorts.


Nadela said she was told by her daughter hours later that the bank was ordered closed by PDIC.

Another depositor, 53-year-old Edalyn Aldesimo of Magtalisay, San Fernando town arrived at the bank later in the afternoon.

Like Nadela, she was worried that the bank won’t refund her P35,000 deposit which she invested in 30 years ago.

Plastered in white cartolina on the bank’s doors was an announcement that a “Depositors-Borrowers Forum” will be held on July 10 for depositors of the Rural Bank of San Fernando.

PDIC corporate executive officer Errol Ybanez assured depositors they will cover all accounts up to the maximum deposit insurance coverage of half a million pesos.

Those exceeding the maximum deposit ceiling will be paid depending on how much assets will be left from the bank, he said.

Ybanez said about 3,333 deposit accounts or 99 percent of the accounts amount to P500,000 and less.


Total insured deposits amounted to P76.81 million or 92 percent of the total deposits.

Ybanez said depositors with balances of P15,000 and below need not file deposit insurance claims.

Only those with outstanding obligations to the bank including the co-makers of the obligations and have incomplete addresses with the bank, regardless of amount should file deposit insurance claims.

“The employees of the bank are still operating but not in behalf of the Rural Bank but they are working under PDIC.” , Ybanez said.

He assured that they will solve the bank closure problem within a month.

Ybanez said claim forms will be distributed during the forum that will be held in San Fernando Municipal Sports Complex at 10 a.m. Correspondent Michelle Joy L. Padayhag and Reporter Aileen Garcia-Yap

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TAGS: Bank Deposits, News, Philippine Deposit Insurance Corp., San Fernando town
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