Pangasinan bank placed under PDIC receivership

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Tuesday, July 1, 2014

THE Monetary Board (MB) placed the Asian Consumers Bank (A Rural Bank) under the receivership of the Philippine Deposit Insurance Corporation (PDIC) by virtue of MB Resolution 981 dated June 26, 2014.

As receiver, PDIC took over the bank on June 27.

Asian Consumers Bank is a four-unit rural bank with head office located along Magsaysay Ave., Poblacion, Basista, Pangasinan. Its three branches are located in Calasiao, San Carlos City and Urdaneta, all in Pangasinan.


Latest available records show that as of March 31, Asian Consumers Bank had 2,774 accounts with total deposit liabilities of P119.5 million. A total of 2,756 deposit accounts or 99.35 percent of the accounts have balances of P500,000 or less and are fully covered by deposit insurance.

Total insured deposits amounted to P112.72 million or 94.33 percent of the total deposits.

PDIC said that upon takeover, all bank records shall be gathered, verified and validated. The state deposit insurer assured depositors that all valid deposits shall be paid up to the maximum deposit insurance coverage of P500,000.

The PDIC also announced that it will conduct Depositors-Borrowers Forums on July 7 and 8 to inform depositors of the requirements and procedures for filing deposit insurance claims.

Claim forms will be distributed during the Forum.

The schedules and venues of the forums will be posted on the bank premises and in the PDIC website,

The claim forms and the requirements and procedures for filing are likewise available for downloading from the PDIC website.

Depositors may update their addresses with the PDIC representatives at the bank premises using the Mailing Address Update Forms to be furnished by PDIC representatives.

Duly accomplished Mailing Address Update Forms should be submitted to PDIC representatives accompanied by a photo-bearing ID with signature of the depositor. Depositors may update their addresses until July 2.

Depositors with valid deposit accounts with balances of P50,000 and below need not file deposit insurance claims. But depositors who have outstanding obligations with Asian Consumers Bank, including co-makers of the obligations, and have incomplete and/or have not updated their addresses with the bank, regardless of amount, should file deposit insurance claims.

For depositors that do not need to file deposit insurance claims, PDIC will start sending payments by mail to their addresses based on bank records by the second week of July.

For depositors that are required to file deposit insurance claims, the PDIC will start claims settlement operations for these accounts on the third week of July. The schedule of the claims settlement operations will be announced through notices to be posted in the bank premises and other public places as well as through the PDIC website,

According to the latest Bank Information Sheet (BIS) as of December 31, 2013 filed by Asian Consumers Bank with the PDIC, the bank is owned by King Victor V. Aquino (13.03 percent), Marissa M. Aquino (13.03 percent), Genevieve V. Aquino (13.03 percent), Cesar Angelo M. Aquino Jr. (9.12 percent), Christian Alain M. Aquino (9.8 percent), Leo Damian V. Aquino (8.76 percent), John Carlo V. Aquino (8.71 percent) and Carissa Angela M. Aquino (8.69 percent).

Its Chairman is Eduardo G. Montenegro and its President is Marissa M. Aquino.

For more information, 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 call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342). (PR)

Local news

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