Borrowers of bankrupt rural bank in Surigao told to pay obligations

SURIGAO CITY (MindaNews/07 May) — The Philippine Deposit Insurance Corporation (PDIC), receiver of the Surigaonon Rural Banking Corporation that was closed down on April 23 is reminding borrowers of the bank to continue paying their loans and transacting only with authorized PDIC representatives.

Surigaonon Rural Banking Corporation (SRBC) was placed under the receivership of the PDIC by virtue of Monetary Board Resolution No. 634 dated April 23, 2015 after the bank suffered a bank run since October last year.

SRBC is a 10-unit rural bank with head office located at corner Rizal and Gimena Streets here.

It has another branch in the city, and in the cities of Tacloban, Cagayan de Oro, Davao and Butuan.

SRCB also has four branches in Surigao del Norte – in the towns of Dapa, General Luna, Placer and Tubod.

The bank is owned and founded by Alfredo T. Bonpin.

Last October the 17-year-old rural bank suffered a bank run due to rumors it was going bankrupt, triggering mass withdrawals.

Nathaniel Tumbokon, PDIC information officer, told MindaNews that borrowers are obliged to pay their obligations or they will be sued by PDIC.

“It’s not true that when the bank is closed, borrowers are free of any obligation. They should still pay it based on the contract set by the bank,” he said.

In a statement, PDIC advised borrowers of SRBC to pay their loans and other obligations directly at any Philippine National Bank (PNB) Branch under account name, PDIC FAO BURL – SURIGAONON RB CORPORATION.

PDIC emphasized that it has not engaged any person, agent or agency to collect the loan payments for and in behalf of the bank.

“To ensure proper recording of their payments, PDIC further advised borrowers to keep copies of the PNB Deposit/Payment Slips.  The PDIC emphasized that for payments to be valid, it must be supported by a machine-validated PNB Deposit/Payment Slip.  Official receipts will be issued by PDIC upon validation of payments and will be sent through mail to the borrowers,” he said.

PDIC said for proper accounting of their payments, borrowers who do not receive their official receipts are advised to send a photocopy of their deposit slips by mail to the Deputy Receiver for loans Ms. Ma. Nenita N. Gayla at the PDIC Office, 5th Floor, SSS Bldg., Ayala Avenue corner V.A. Rufino St., Makati City or send via e-mail to Ms. Maria Flora C. Llana at or to Ms. Thelma A. Peña at

Borrowers of the bank may also communicate with the PDIC-Loans Management Department III at (02) 841-4974 or 841-4963.  Queries may also be sent through email at (Roel Catoto / MindaNews)