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PDIC assumes function of Gulf Bank in 6 locations
Rimaliza A. Opiña
Headlines, 4-13-2014


The Philippine Insurance Deposit Corporation has taken over the operations of Gulf Bank or the Rural Bank of Lingayen Inc. after placing it under receivership, recently.

Pursuant to Republic Act 7653 or the Central Bank Act, the Monetary Board of the Bangko Sentral ng Pilipinas passed a resolution on April 3 prohibiting Gulf Bank from doing business in the Philippines. The PDIC has been designated as the bank’s receiver or the entity appointed to administer, conserve, rehabilitate, or liquidate the assets of an insolvent corporation for the protection of creditors. 

Last April 9 and 10, the PDIC conducted depositors’ forums at the head office and branch offices of Gulf Bank in Lingayen, Dagupan, Alaminos, Mangatarem, Pangasinan, and Baguio City.

The PDIC explained to depositors the procedures for servicing of deposit insurance claims during a depositors’ forum.

In the PDIC’s website, Gulf Bank had 12,991 accounts with total deposit liabilities of P364.39 million as of December 2013. A total of 12,929 deposit accounts or 99.52 percent of the accounts have balances of P500,000 or less and are fully covered by deposit insurance. Total insured deposits amounts to P355.07 million or 97.44 percent of total deposits.

For more information, depositors may call the PDIC toll free hotline at 1-800-1-888-PDIC (7342), the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631, or send an e-mail to pad@pdic.gov.ph.



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