The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited Rural Bank of Santa Fe (Romblon), Inc. from doing business in the Philippines through MB Resolution No. 1415.A dated October 21, 2021 which also directed the Philippine Deposit Insurance Corporation (PDIC), as Receiver, to proceed with the takeover and liquidation of the bank.
The PDIC took over the bank on October 26, 2021.
Rural Bank of Santa Fe (Romblon), Inc. is a single-unit rural bank with Head Office located at 127 P. Contes St., Brgy. Poblacion, Santa Fe, Romblon. Latest available records show that as of 30 June 2021, Rural Bank of Santa Fe (Romblon), Inc. has 852 deposit accounts with total deposit liabilities of P14.4 million, of which 84% or P12.1 million are insured deposits.
The PDIC assured depositors that all valid deposits and claims will be paid up to the maximum deposit insurance coverage of P500,000.00 per depositor.
Individual account holders of valid deposits with balances of P100,000.00 and below, who have no outstanding obligations or have not acted as co-makers of obligations with Rural Bank of Santa Fe (Romblon), Inc. are not required to file deposit insurance claims. These individual depositors must ensure that they have complete and updated addresses with the bank. Depositors may update their addresses by submitting a Mailing Address Update Form (MAUF) until November 3, 2021, either through the drop box available at the bank premises, or by sending a scanned copy of said Form and valid ID to email address, firstname.lastname@example.org. MAUF will be made available at the bank premises or may be downloaded from the PDIC website at www.pdic.gov.ph.
Insurance payments for valid deposits with balances of P100,000.00 and below will be made through postal money order and targeted to be sent via mail starting on November 24, 2021.
For business entities and all other depositors who are required to file claims for insured deposit, receiving of claims is targeted to start by December 2, 2021. Details will be announced through the PDIC website, www.pdic.gov.ph, and PDIC’s official Facebook page, www.facebook.com/OfficialPDIC.
Borrowers are likewise reminded to continue paying their loan obligations with the closed Rural Bank of Santa Fe (Romblon), Inc. and to transact only with designated PDIC representatives. The procedures for settlement of loan obligations are available in the PDIC website.
For more information on the requirements and procedures for filing deposit insurance claims and settlement of loan obligations, depositors and borrowers of the bank are enjoined to attend the virtual Depositors-Borrowers’ Forum scheduled on November 23, 2021. Details of the Forum will also be announced in the PDIC website and Facebook page.