Valencia Rural Bank closes; PDIC holds depositors forum

by Jennifer Catan-Tilos

DUMAGUETE CITY, Nov. 21 (PIA)  The Monetary Board of the Bangko Sentral ng Pilipinas (MB-BSP) placed Valencia Rural Bank under receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution No.  1702 dated November 17, 2011.

PDIC Executive Vice President, Cristina Orbeta said PDIC took over the the assets, records and affairs of Valencia Rural Bank in order to safeguard their   integrity for the protection of the interest to  its depositors, creditors on November 18, 2011 as mandated under Republic Act No. 7653.

With this turn of event, a Depositors’ Forum will be conducted tomorrow November 22 at the Valencia gymnasium at 9:00 a.m., Valencia, Negros Oriental to inform depositors of the process for filing deposit insurance claims and the requirements.

Vice President Orbeta said PDIC tries to respond to the extent possible to queries regarding deposit insurance and claim forms will also be distributed during the forum.

Initially,  after the forum each depositor may be asked to submit the following minimum requirements such as the duly accomplished claim form and claim status sheet, original evidence of deposit such as saving passbook or certificate of time deposit and enlarged and clear photocopies of two (2) valid photo bearing, identification of documents (IDS) with signature of the depositor. (PIA/JCT)