On Apr. 10, 2025, PHI DEP stated depositors of the closed Binangonan Rural Bank have until the date of Apr. 28, 2025, to file their respective deposit insurance claims.
Depositors are advised to file their claims through one of the specified channels.
Depositors who have outstanding loans or payables to the bank will be referred to the duly designated loans officer prior to the settlement of their deposit insurance claims.
On Apr. 26, PHI CB prohibited business of Binangonan Rural Bank.
PHI CB prohibited business of Binangonan Rural Bank, effective from Apr. 27, 2023.
Directed PHI DEP as receiver to proceed with the takeover and liquidation of the bank.
Apr. 28, 2023 Liquidation
On Apr. 28, 2023, PHI DEP issued a bulletin informing that a bank placed under liquidation shall in no case be re-opened and permitted to resume banking business.
PHI DEP took over assets, records, and affairs of Binangonan Rural Bank on Apr. 28.
Upon liquidation, the powers, functions, duties of directors/employees are terminated.
Anyone in possession of any asset and/or records of the closed Binangonan Rural Bank should not allow or honor any transaction affecting them without consent of receiver.
Should immediately turnover assets and/or records to the designated deputy receiver.
Document dated Apr. 28, 2023, received from PHI DEP May 2, summarized on May 3.
May 2, 2023 PHI DEP Press Release
On May 2, 2023, PHI DEP issued press release of appointment by PHI CB as receiver.
All valid deposits and claims will be paid up a maximum of PHP 500k per depositor.
Individual account holders of valid deposits with balances of PHP 100k and below, who have no outstanding obligations, are not required to file deposit insurance claims.
For business entities, filing of claims is targeted to start by third week of May 2023.
May 4, 2023 Obligations Reminder
On May 4, 2023, PHI DEP advised borrowers of the closed Binangonan Rural Bank that they are under obligation to pay their loans notwithstanding the closure of the bank.
Borrowers were reminded to transact only with authorized PHI DEP representatives, saying PHI DEP has not engaged any person claiming to work on behalf of the bank.
PHI DEP encouraged borrowers of the bank to settle their entire balance by availing of the incentives under the enhanced PHI DEP closed bank loan incentive program (CLIP).
Qualified borrowers who will make a one-time cash payment of their loans can benefit from CLIP’s discounts, more information on this can be found on PHI DEP's website.
Borrowers can pay their loans directly at a Philippine National Bank (PNB) branch or through postal money order or via check or at PHI DEP's Public Assistance Center.
May 12, 2023 Servicing of Claims
On May 12, 2023, PHI DEP said it will service depositors of the bank who are required to file deposit insurance claims, on May 19 and 22, 2023 from 8:00am to 5:00pm.
Reminded re criteria for requirement to file claims, including depositors with balances of more than PHP 100k, all business entities and depositors with obligations with the closed bank, depositors who have incomplete mailing addresses in the bank's records.
All valid claims will be paid up to maximum deposit insurance coverage of PHP 500k.
Depositors have until Apr. 28, 2025 to file deposit insurance claims, but PHI DEP urged depositors not to delay, and to take advantage of this 2 day on-site servicing of claims.
Those with balances exceeding PHP 500k urged to file claims on/before Jul. 14, 2023.
Outlined procedure for filing claims on-site/via email, forms, documentation required.
Document dated May 12, 2023, received from PHI DEP May 15, summarized May 17.
May 15, 2023 Deposit Insurance Payments
On May 15, 2023, PHI DEP announced that it began deposit insurance payments to eligible depositors of the bank, via postal money orders (PMOs) on May 15, 2023.
Depositors eligible for outright payment of deposit insurance are individual depositors with valid deposit balances of PHP 100k and who have no outstanding loans.
PMOs amounting to PHP 15,000 and below may be cashed either at the local post office and/or with the nearest branch of the Land Bank of the Philippines.
PMOs above PHP 15k may be deposited to the depositor’s account in any local bank.
Depositors who have not received their checks by Jul. 14, 2023 from their local post office are advised to contact the PDIC Public Assistance Department for payments.
Document dated May 15, 2023, received from PHI DEP May 17, summarized May 18.
May 30, 2023 Claims Against Bank Assets
On May 30, 2023, PHI DEP urged creditors of Binangonan Rural Bank, Inc. (Rizal) to file claims against the assets of the closed bank, by e-mail, mail, or personal filing.
Creditors refer to any individual or entity with a valid claim against assets of the bank and include depositors whose deposits exceed deposit insurance coverage of PHP 500k.
Claims should be filed by Jul. 14, 2023, claims filed after that date will be disallowed.
Jun. 14, 2023 Creditors Claim Reminder
On Jun. 14, 2023, PHI DEP informed creditors of the closed Binangonan Rural Bank, Inc. (Rizal) that they have until Jul. 14, 2023 to file their claims against bank’s assets.
Reiterated that claims filed after said date shall be disallowed, and that claims can be filed online by email, postal mail, or physically at PHI DEP's public assistance center.
Jun. 29, 2023 Second Reminder
On Jun. 29, 2023, PHI DEP reminded creditors of the closed Binangonan Rural Bank, Inc. (Rizal) that they have until Jul. 14, 2023 to file their claims against bank’s assets.
Document dated Jun. 29, 2023, received from PHI DEP Jul. 3, summarized on Jul. 5.
Jul. 7, 2023 Third Reminder
On Jul. 7, 2023, PHI DEP reminded creditors of the closed Binangonan Rural Bank, Inc. (Rizal) that they have until Jul. 14, 2023 to file their claims against bank’s assets.
Document dated Jul. 7, 2023, received from PHI DEP Jul. 10, summarized on Jul. 12.
Jul. 13, 2023 Final Reminder
On Jul. 13, 2023, PHI DEP issued final reminder to creditors of the closed Binangonan Rural Bank, that they have until Jul. 14, 2023 to file their claims against bank’s assets.
Apr. 2025 Deposit Insurance Claims
On Apr. 10, 2025, PHI DEP stated depositors of the closed Binangonan Rural Bank have until the date of Apr. 28, 2025, to file their respective deposit insurance claims.
Depositors are advised to file their claims through one of the specified channels.
Depositors who have outstanding loans or payables to the bank will be referred to the duly designated loans officer prior to the settlement of their deposit insurance claims.
