PDIC to CBB borrowers:

Pay loans / pay interest

TAGBILARAN CITY, Bohol, July 25 (PIA)— If you think that the closure of the Cooperative Bank of Bohol (CBB), also erases your unpaid loan obligations with the bank, think again.

The Philippine Deposit Insurance Corporation (PDIC), which is currently liquidating the closed bank, has advised borrowers recently that they are under obligation to pay their loans, or the deposits of borrowers with past due loans are automatically applied to their loans, by operation of law.

And if these loans are on current status, the borrowers may choose to apply their deposits against their loans, or they are forced to pay loan interest.

By law, the PDIC, which receives the closed CBB, also reminds borrowers to only transact with authorized PDIC representatives as it has not engaged any person, agent to collect the loan payments for and on behalf of the bank.

By virtue of Monetary Board Resolution No 818.B, dated July 18, 2024, CBB with its Head Office at 0126 CPG East Avenue, Poblacion I, Tagbilaran City, and branches in Dauis-Panglao, Inabanga, and Candijay, was ordered closed by virtue of Monetary Board Resolution No. 818.B dated July 18, 2024.

According to PDIC, CBB borrowers who settle their loan obligations now can avail of the incentives under the enhanced PDIC Closed Bank Loan Incentive Program (CLIP).

However, only qualified borrowers who settle their loan obligations via a one-time cash payment can benefit from CLIP’s substantial discounts.

PDIC also advices CBB borrowers to pick on any of the available modes of payments below:

1. By online payment system via LinkBiz Portal at www.landbank.com, where information and guidance can be had from PDIC Public Assistance Hotline at (02) 8841-4141, (02) 8841-4889, or the Toll-Free number 1-800-1-888-7342;

2. By directly payment to the account of PDIC FAO BURK via local Philippine National Bank (PNB) branches while indicating assigned account reference numbers (ARN) on PNB payment slips.

When filling out the PNB Payment Slip, the ARN should be indicated in the portion referring to “Card No., Subscriber’s No., or Policy/Plan/Reference No.”

The ARN is provided by PDIC through the following means: a) At the premises of the closed bank, during PDIC’s takeover operations upon request of the borrower; b) Indicated in the first demand letter sent by PDIC to the borrower; and c) Through the PDIC Public Assistance Department/Public Assistance Center, upon request of the borrower.

Borrowers should submit a copy of the duly validated PNB Payment Slip by mail addressed to the PDIC Public Assistance Department, Ground Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City 1231; or by e-mail to pad@pdic.gov.ph.

3. By postal money order (PMO) or check payable to PDIC FAO BURL – CBB where payments should be sent directly via mail to PDIC Public Assistance Department, Attention: Loans Management Department III, Ground Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City 1231;

4. By direct payment to the PDIC Public Assistance Center (arrange by appointment via located on the Ground Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City. For visits to the PAC, clients are highly encouraged to request an appointment by calling Public Assistance Hotline (8:00-5:00) at Toll-Free number 1-800-1-888-7342 or 1-800-1-888-PDIC, or send an email to pad@pdic.gov.ph, or a private message PDIC’s official Facebook page, www.facebook.com/OfficialPDIC for appointment.

Check payments will be applied to the account of the borrower only upon clearance of the check, PDIC said.

PDIC also advised borrowers to secure copies of Official Receipts issued by the PDIC, these will be sent by PDIC via registered mail.

In case of non-receipt of Official Receipts within a reasonable time, notify PDIC through mail, e-mail, or phone.

Borrowers who have not received their Official Receipts are to send a copy of proof of payment by mail to PDIC Public Assistance Department, Ground Floor, PDIC Chino Bldg., 2228 Chino Roces Avenue, Makati City 1231, or via e-mail to pad@pdic.gov.ph. (PIABohol)