DEPOSITS P100K AND BELOW: PDIC starts deposit insurance payments to depositors of the  closed Metro-Cebu Public Savings Bank

The Philippine Deposit Insurance Corporation (PDIC) announced that it started paying deposit insurance through Postal Money Orders (PMOs) on May 2, 2022 to all depositors eligible for outright payment who maintained deposits with the closed Metro-Cebu Public Savings Bank.

Eligible for outright payment of deposit insurance are individual depositors with valid deposit balances of P100,000 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 P15,000 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 P15,000 may be deposited to the depositor’s account in any local bank.

Depositors who have not received their checks after June 30, 2022 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 metro-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.

Metro-Cebu Public Savings Bank was ordered closed by virtue of Monetary Board Resolution No. 434.E dated March 31, 2022. It is a three-unit thrift bank with Head Office located at 2/F Sia Bldg., N. Bacalso Ave., Brgy. Duljo (Pob.), Cebu City. Its branches are located in Lapu-Lapu City, Cebu and Tabunok in Talisay, Cebu.