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Dynamic Bank (formerly known as Rural Bank of Calatagan), Rural Bank of San Jose, Laguna-based San Pablo City Development Bank, Rural Bank of Parañaque, Rural Bank of Bais in Negros Oriental, First Interstate Bank in Tacloban City, Pilipino Rural Bank, Bank of East Asia, and Philippine Countryside Rural Bank of Cebu are the banks that were recently included in the list of banks that closed and are now under the receivership of the Bangko Sentral ng Pilipinas (BSP).

Philippine Deposit Insurance Corporation (PDIC) executive vice-president Imelda Singzon assured the public that all valid claims of 120,000 accounts amounting to P12.5 billion will be paid. Singzon said that all the banks’ asset would be preserved to pay off their creditors and depositors.

The depositors would need to go to their agency or to their bank as a first step in claiming their money. 400 PDIC people are now in the nine banks that were closed, Singzon said. Depositors just have to wait for the announcements from PDIC regarding the payment days.

PDIC will examine the bank records and documents to separate the fictitious from the valid claims. The depositor would need to submit his or her passbook, two valid IDs and proof of deposit together with their claim form when they go to the bank.

Once all documents are checked and verified, depositors will be paid immediately. Claims less than P5,000 will be paid in cash while those with higher amounts will be released through checks. Priorities will be given to depositors will smaller accounts according to Singzon.

Depositors whose accounts amounts to P250,000 and above will have to wait until PDIC have disposed of the banks’ assets and converted them into cash. Although this may take time to process as it will have to go through the liquidation court.

Rural Bank of Parañaque is scheduled to start paying depositors on December 22 at 1 P.M. until 12 noon of December 24. For more inquiries and other concerns, PDIC may be reached through their hotline numbers 841-4630 and 841-4631.

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