Negros rural lender closed

Negros rural lender closed

Monetary government have ordered a Negros Oriental-primarily based rural financial institution shuttered and positioned underneath receivership.

“The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited Rural Bank of Guihulngan (Negros Oriental) Inc.From doing enterprise within the Philippines thru MB Resolution No. 754.A dated May 23, 2019 which also directed the Philippine Deposit Insurance Corporation (PDIC) as receiver to proceed with the takeover and liquidation of Rural Bank of Guihulngan,” the PDIC said in a announcement late on Friday.

It turned into the sixth financial institution to be located under PDIC receivership this 12 months. The bank’s property and affairs were placed underneath manipulate of the PDIC on May 24, 2019.

The single-unit rural lender is based at Sikatuna St., Poblacion, City of Guihulngan, Negros Oriental.

Depositors of closed banks below PDIC receivership are entitled to be paid as much as the maximum coverage insurance of P500,000.

Latest available statistics display that as of March 31, 2019, the agricultural financial institution had 933 deposit debts with general deposit liabilities of P5.Ninety five million. Total insured deposits amounted to P5.Ninety four million equivalent to ninety nine.85 percentage of general deposits.

According to the PDIC, depositors with valid money owed of P100,000 and below do now not want to document deposit coverage claims, except after they have tremendous responsibilities with the closed financial institution or acted as co-makers of obligations.

“These character depositors must make certain that they have got entire and updated addresses with the bank. PDIC representatives will be dispensing Mailing Address Update Forms on the bank premises and depositors may also submit the bureaucracy till May 29, 2019,” PDIC stated.

The Monetary Board closed 12 banks in 2018 and 7 banks in 2017, putting all of them beneath PDIC receivership.

PDIC also reminded borrowers to maintain paying their loan responsibilities with the closed Rural Bank of Guihulngan and to transact only with designated PDIC representatives at the bank premises.