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PDIC Begins Servicing Deposit Insurance Claims for Closed Rural Bank of Cuyo (Palawan) Inc.

June 27, 2024 - The Philippine Deposit Insurance Corporation (PDIC), as receiver of the closed Rural Bank of Cuyo (Palawan) Inc., announced the start of servicing deposit insurance claims for affected depositors. This comes after the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) ordered the bank's closure on June 6, 2024, citing [reasons for closure, e.g., financial difficulties, liquidity issues].

Simplified Claims Process for Most Depositors

Starting July 4, 2024, depositors with accounts of P500,000 and below can conveniently file their claims directly at the bank premises located in Mendoza St., Bancal, Cuyo, Palawan. The claims filing will be conducted for three days, from 8:00 AM to 5:00 PM, on July 4, 5, and 8 to accommodate a wider range of depositors.

Depositors are advised to bring the following documents for a smooth claims filing process:

  • Original evidence of deposit (e.g., Savings Passbook, Certificate of Time Deposit, Bank Statement)
  • Two (2) valid government-issued IDs with photo and signature

Alternative Channels for Larger Deposits

For depositors with accounts exceeding P500,000, PDIC offers alternative channels for filing claims due to the higher amount involved. These depositors can choose to file their claims through the following methods:

  • E-mail: Submit scanned copies of required documents to a designated PDIC email address (to be announced by PDIC)
  • Postal Mail: Send certified mail with required documents to the PDIC Claims Processing Department address (to be announced by PDIC)
  • Courier Service: Send required documents through a reputable courier service to the PDIC Public Assistance Center
  • PDIC Public Assistance Center (By Appointment): Depositors with larger claims may opt to file in person at the PDIC Public Assistance Center. However, due to anticipated high volume, setting an appointment beforehand is highly encouraged to avoid long wait times.

What Happens Next?

Once a depositor files a claim, PDIC will validate the information and assess its eligibility for deposit insurance coverage. The maximum deposit insurance coverage is currently P500,000 per depositor. PDIC aims to settle valid claims within 30 days after the filing date.

For further information and inquiries, depositors can visit the PDIC website at https://www.pdic.gov.ph/ or contact the PDIC Public Assistance Center at (02) 8841-4000.

Philippine Government Proposes Php 6.352 Trillion Budget for FY 2025

June 27, 2024 In a press briefing following the 188th meeting of the Development Budget Coordination Committee (DBCC), Department of Budget and Management (DBM) Secretary and DBCC Chairperson Amenah F. Pangandaman unveiled the proposed national budget for fiscal year 2025. The budget, amounting to Php 6.352 trillion, represents a significant increase of 10.1% compared to the FY 2024 budget of Php 5.768 trillion.


Agenda for Prosperity

The proposed FY 2025 National Budget is anchored on the theme “Agenda for Prosperity: Fulfilling the Needs and Aspirations of the Filipino People.” It builds upon the achievements of the first two years of President Ferdinand R. Marcos Jr.'s administration and aims to drive economic and social transformation. The government envisions a prosperous, inclusive, and resilient society through strategic allocation of resources.

Strategic Focus Areas

Aligned with the Philippine Development Plan (PDP) 2023-2028, the budget prioritizes the following areas:
  1. Human Capital Development: The budget aims to develop and protect the capabilities of individuals and families, ensuring access to quality education, healthcare, and social services.
  2. Economic Transformation: By transforming production sectors, the government seeks to generate more quality jobs and enhance the competitiveness of Philippine products in the global market.
  3. Enabling Environment: The budget fosters an enabling environment by investing in institutions, physical infrastructure, and the natural environment. This includes critical projects under the Three-Year Rolling Infrastructure Program (TRIP) and the Information Systems Strategic Plan (ISSP).
Evaluation Criteria and Attendees

DBM evaluated agency budget proposals for FY 2025 based on factors such as fiscal space, program readiness, and alignment with expenditure directions. The 188th DBCC Meeting, where the budget was discussed, was attended by key officials, including National Economic and Development Authority Secretary Arsenio M. Balisacan, Special Assistant to the President for Investment and Economic Affairs Secretary Frederick D. Go, Bangko Sentral ng Pilipinas Deputy Governor Francisco G. Dakila Jr., and Department of Finance Undersecretary Domini SD Velasquez.

The proposed budget reflects the government’s commitment to sustainable growth and development, aiming to fulfill the needs and aspirations of the Filipino people.

Disclaimer: The information provided in this article is based on official announcements and press briefings. For further details, readers are encouraged to refer to official government documents and statements.

Development Bank of the Philippines to Conduct System Maintenance on June 30th

June 27, 2024 - The Development Bank of the Philippines (DBP) will be conducting its End-of-Quarter System Maintenance on Sunday, June 30th, 2024. During this period, several of their services will be temporarily unavailable.

Affected Services:

  • ATMs
  • POS (Point-of-Sale) terminals
  • BancNet Online banking
  • E-Commerce and Internet Payment Gateway (IPG) transactions
  • eGov payments
  • InstaPay receiving functionality

Planning Ahead Recommended

The DBP encourages customers to plan their transactions in advance to avoid any inconvenience caused by the service interruption.

Temporary Inconvenience, Improved Service

The DBP apologizes for the temporary inconvenience and assures customers that this maintenance is necessary to improve their overall service offerings. They thank their customers for their continued support and understanding.

EDCOM 2 Calls for Unified Labor Market System to Address Skills Gap

June 27, 2024 - The Second Congressional Committee on Education (EDCOM 2) has stressed the urgent need for a coordinated labor market information system (LMIS) to tackle the growing issue of job-skills mismatch. Senator Win Gatchalian, Co-Chairperson of EDCOM 2, highlighted the rapid changes in market demands due to technology advancements, underscoring the importance of aligning educational outputs with industry needs.

During discussions with various agencies including DepEd, CHED, TESDA, DOLE, and DTI, concerns were raised over the fragmented implementation of existing LMIS. The Philippine Institute of Development Studies (PIDS) also presented findings emphasizing the need for a more cohesive approach to anticipate and prioritize skills requirements.

Additionally, the commission addressed challenges in enterprise-based training (EBT), noting significant gaps in understanding and implementation within TESDA. Senator Gatchalian called for improved awareness and efficiency in EBT programs, advocating for greater involvement of industry associations in training initiatives.

Moving forward, EDCOM 2 aims to enhance collaboration among stakeholders and allocate resources effectively to bolster the country’s workforce readiness and economic productivity.

President Marcos Responds to Duterte Family’s Political Plans: ‘It’s a Free Country’

June 27, 2024 - President Ferdinand R. Marcos Jr. addressed the reported plans of some members of the Duterte family to run in the 2025 and 2028 elections. When asked for comment, he stated, “It’s a free country. They’re allowed to do what it is they want.” The President made these remarks during an ambush interview after the 2024 National Employment Summit held at the Manila Hotel.


President Marcos emphasized that it is still early to predict the political landscape for 2028. He acknowledged that significant developments could occur between now and then. He also highlighted that the true situation would become clearer during the filing of certificates of candidacy in October.

Regarding the Dutertes’ plans, President Marcos posed critical questions: “Will they really run? Who will be the actual candidates? Which alliances will form?” He emphasized that answers would emerge closer to October.

Former President Rodrigo Duterte and his two sons, Paolo and Sebastian, are reportedly considering running for the Senate and the Presidency in the upcoming elections. Vice President Sara Duterte confirmed this on Tuesday.

As the political landscape unfolds, all eyes will be on the Duterte family’s decisions and the alliances that shape the future of Philippine politics.