Philippines Pdic Starts Tender

The Philippine Deposit Insurance Corporation PDIC has started the processing of Postal Money Order PMO checks for eligible depositors of the closed Rural Bank of Basey Inc. with deposit balances of P100000 and below provided that they have updated their complete mailing address in the bank records.This was informed by Angel Obrero project manager of the Rural Bank of Baseys takeover program during the Depositors-Borrowers Forum held at the gymnasium in this municipality on May 28.Once everything is set PMO checks will be sent to their mailing addresses Obrero said.Through Monetary Board Resolution No. 724.B dated May 16 2019 the Monetary Board of the Bangko Sentral ng Pilipinas BSP prohibited Rural Bank of Basey Samar Inc. from transacting business.The same resolution also directed the PDIC as receiver to proceed with the takeover and liquidation of the rural bank which started on May 17 2019.One of the affected depositors are the members of the Basey Association for Native Industry Growth BANIG an association of traditional tikog weavers.With the closure they are yet to go through the process of filing claims especially that their deposit is more than P500000.Ms. Violeta Odinada treasurer of the organization said One of our problems right now is that we will be joining two trade fairs in October this year and we do not have enough money to pay for our laborers. For now we will just resort to borrowing money for us to be able to create prototypes of our products.Meanwhile Obrero said We will liquidate the assets of the bank we will still continue to collect the loans and sell all the assets and the proceeds of the liquidation will be used to pay off the creditors of the bank including depositors with excess deposit of P500000.On June 3 and 4 2019 PDIC will receive the deposit insurance claims of depositors at the rural bank from 8 a.m. to 5 p.m.