Providence Rural Bank eligible depositors with accounts P100K and below to receive deposit insurance via postal money orders

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  Providence Rural Bank eligible depositors with accounts

  P100K and below to receive deposit insurance via postal

  money orders

  The Philippine Deposit Insurance Corporation (PDIC) announced that

  depositors of the closed Providence Rural Bank, Inc., whose accounts have

  balances of P100,000 and below, will soon receive their deposit insurance

  payments through postal money orders (PMOs) with the lifting of the modified

  enhanced community quarantine (MECQ) in Metro Manila.

  Individual depositors whose accounts have balances of P100,000 and below

  are eligible for outright payment of deposit insurance through PMO. These

  depositors are not required to file deposit insurance claims if they have no

  outstanding loans with the closed bank, and have complete addresses in the

  bank records or have updated this information through the PDIC Mailing

  Address Update Form.

  PMOs amounting to PhP15,000 and below may be encashed either with the

  local post office or with the nearest Land Bank of the Philippines branch.

  Meanwhile, PMOs above PhP15,000 may be deposited to the depositor’s

  account in any local bank.

  PHLPost started the dispatch of PMOs on March 10, 2020 but suspended

  delivery to depositors during the community quarantine.

  Providence Rural Bank, Inc. was ordered closed by the Monetary Board

  through Resolution No. 291.B dated February 27, 2020. It is a single-unit rural

  bank located on National Highway cor. Aglipay St., Brgy. Bulala,

  Camalaniugan, Cagayan.

  The PDIC advised depositors who have not received their PMOs to inquire with

  their local post offices or to contact the Public Assistance Department at (02)

  8841-4141 or at Toll Free number 1-800-1-888-7342 or 1-800-1-888-PDIC.

  Depositors may also inquire via e-mail at pad@pdic.gov.ph or via personal