Rural Bank of Ragay closed

The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited Rural Bank of Ragay (Camarines Sur), Inc. from doing business in the Philippines. Under Resolution No. 635.B dated April 20, 2017, the MB directed the Philippine Deposit Insurance Corporation (PDIC) as Receiver to proceed with the takeover and liquidation of the bank. PDIC took over the bank on April 21, 2017.

Rural Bank of Ragay is a two-unit rural bank with Head Office located at Tomas Delgado St. cor. Provincial Road, Poblacion Ilaod, Ragay, Camarines Sur. Its lone branch is located in Del Gallego, Camarines Sur. Based on the General Information Sheet filed by the bank with the Securities and Exchange Commission as of June 30, 2016, Rural Bank of Ragay is owned by Linda C. Aquino (18.87%), Jaime A. Manubay (11.61%), Mildred A. Perez (10.45%), Kristoffer Lloyd C. Aquino (6.68%), Emma Louisa C. Aquino (5.80%), Maika C. Aquino (5.80%), Charina A. Lonogan (5.25%), Rolando M. Carandang (4.13%), Theresita B. Aquino (3.30%), Guillermo E. Abogado (3.18%), and Ruben D. Literal (2.35%). The Bank’s Chairman and President is Emma Louisa C. Aquino.

Latest available records show that as of December 31, 2016, Rural Bank of Ragay had 8,062 deposit accounts with total deposit liabilities of PHP178.5 million. Total insured deposits amounted to PHP172.9 million equivalent to 96.8% of total deposits.

PDIC assured depositors that all valid deposits and claims shall be paid up to the maximum deposit insurance coverage of PHP500,000.00. Depositors with valid deposit accounts with balances of PHP100,000.00 and below shall be eligible for early payment and need not file deposit insurance claims, except accounts maintained by business entities, or when they have outstanding obligations with Rural Bank of Ragay or acted as co-makers of these obligations. Depositors have to ensure that they have complete and updated addresses with the bank. They may update their addresses until May 2, 2017 using the Mailing Address Update Forms to be distributed by PDIC representatives at the bank premises.

For depositors who are required to file claims for deposit insurance, the schedule of claims settlement operations will be announced as soon as possible through posters in the bank premises and in other public places, the PDIC website,, and PDIC’s official Facebook account. PDIC also reminded borrowers to continue paying their loan obligations with the closed Rural Bank of Ragay and to transact only with designated PDIC representatives at the bank premises. For more information on the requirements and procedures for filing claims and settlement of loan obligations, all depositors and borrowers of the bank are enjoined to attend the Depositors-Borrowers' Forum which will be held in a venue near the premises of the bank on May 4 and 5, 2017. Details will be posted in the bank premises and in other public places.

Depositors may communicate with PDIC Public Assistance personnel stationed at the bank premises or call the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631, or send their e-mail to Depositors outside Metro Manila may also call PDIC at its Toll Free Hotline at 1-800-1-888-PDIC (7342). Inquiries may also be sent via private message to the official PDIC Facebook account