The Philippine Deposit Insurance Corporation (PDIC) announced that it started paying deposit insurance through Postal Money Orders (PMOs) on June 26, 2024 to all depositors eligible for outright payment who maintained deposits with the closed Rural Bank of Cuyo (Palawan), Inc.
Eligible for outright payment of deposit insurance are individual depositors and registered entities with valid deposit balances of PhP500,000 and below who have no outstanding loans with the closed bank and have a complete mailing address in the bank records or updated this information through the PDIC Mailing Address Update Form (MAUF).
PMOs amounting to PhP15,000 and below may be encashed either with the local post office or with the nearest branch of the Land Bank of the Philippines. Meanwhile, PMOs above PhP15,000 may be deposited to the depositor’s account in any local bank.
Depositors who have not received their checks after August 30, 2024 from their Local Post Office are advised to contact the PDIC Public Assistance Department during office hours at telephone number (02) 8841-4141, or e-mail PDIC at cuyorb-pad@pdic.gov.ph. Depositors outside Metro Manila may call the PDIC Toll Free Hotline during office hours at 1-800-1-888-PDIC (7342). Inquiries may also be sent to the official PDIC Facebook page at www.facebook.com/OfficialPDIC.
Rural Bank of Cuyo (Palawan), Inc. was ordered closed by virtue of Monetary Board Resolution No. 631.C dated June 6, 2024. It is a two-unit rural bank with Head Office located on Mendoza Street, Bancal, Cuyo, Palawan; and a branch lite unit in Subic Bay, Zambales.
