PDIC advises borrowers of Rural Bank of Cabadbaran (Agusan), Inc. to pay their obligations

THE PHILIPPINE Deposit Insurance Corporation (PDIC), the Receiver of the closed Rural Bank of Cabadbaran (Agusan), Inc., reminded borrowers of the bank that they are under obligation to pay their loans. PDIC advised borrowers to transact only with authorized PDIC representatives, emphasizing that it has not engaged any person, agent or agency to collect the loan payments for and in behalf of the bank.

Rural Bank of Cabadbaran was prohibited from doing business in the Philippines by virtue of Monetary Board Resolution No. 1317 dated July 28, 2016. It is a four-unit rural bank with head office located at Garame cor. Cabiltes Sts., City of Cabadbaran, Agusan del Norte. It has two branches located in Butuan City, Agusan del Norte and in Cagayan de Oro City, Misamis Oriental; and a micro-banking office located in Gingoog City, Misamis Oriental.

PDIC said that the law provides that deposits of borrowers who also have past due loans with closed banks shall be offset against their loans. In the case of depositor-borrowers whose loans are on current status, they may also consent to offset their deposits against their loans.

All depositors who have outstanding loans or payables to Rural Bank of Cabadbaran were advised to coordinate with the PDIC Loans Management Group prior to filing of their deposit insurance claims.

In a statement, the Corporation advised borrowers of Rural Bank of Cabadbaran to pay their loans and other obligations through any of the following modes: by paying directly at any Philippine National Bank (PNB) branch; by paying via postal money order (PMO); or by paying directly at the PDIC Public Assistance Center located at the 3/F SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City.

For borrowers who opt to pay via PNB, payment should be for the account name, PDIC FAO BURL - RURAL BANK OF CABADBARAN. PDIC advised borrowers to keep copies of the PNB Deposit/Payment Slips to ensure proper recording of their payments. For payments to be valid, it must be supported by a machine-validated PNB Deposit/Payment Slip. Official receipts will be issued by PDIC upon validation of payments and will be sent through mail to the borrowers. Borrowers who do not receive their official receipts are advised to send a photocopy of their deposit slips/payment slips either by mail to the Deputy Receiver for loans, Ms. Ma. Nenita N. Gayla, at the PDIC Office, 5th Floor, SSS Bldg., Ayala Avenue corner V.A. Rufino St., Makati City or via e-mail to Ms. Sheila Therese P. Ocampo at spocampo@pdic.gov.ph and to Ms. Thelma A. Peña at tbarias@pdic.gov.ph.

Payments via PMO should be for the same account name, PDIC FAO BURL - RURAL BANK OF CABADBARAN and directly sent via mail to the PDIC Loans Management Department III at the 5th Floor, SSS Bldg., Ayala Avenue corner V.A. Rufino St., Makati City. Upon verification of payments via PMO, PDIC shall send the official receipt to the borrowers through registered mail.

PDIC advised borrowers to always secure copies of official receipts issued by the PDIC, as liquidator of the closed Rural Bank of Cabadbaran.

Borrowers of the bank may pose queries directly with the PDIC-Loans Management Department III at (02) 841-4963 or 841-4975 or send these through email at pad@pdic.gov.ph or private message at PDIC's Facebook account, www.facebook.com/OfficialPDIC.