By PR | 04:14 PM December 13, 2021
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) prohibited Opportunity Kauswagan Bank, Inc. from doing business in the Philippines through MB Resolution No. 1635.B dated December 2, 2021, which also directed the Philippine Deposit Insurance Corporation (PDIC), as Receiver, to proceed with the takeover and liquidation of the bank.
The PDIC took over the bank on December 6, 2021.
For the safety of the bank clients and local residents, the PDIC field personnel complied with the health, quarantine, and travel protocols in accordance with Resolution No. 98-A issued by the Inter-Agency Task Force for the Emerging Infectious Disease (IATF). The same Resolution also authorized the PDIC personnel to travel on official business unimpeded to ensure that the PDIC is able to fulfill its mandates under the law.
Opportunity Kauswagan Bank, Inc. is a 24-unit rural bank with Head Office located at Unit 1, A& L Building, E. Lopez St., Brgy. San Vicente, Jaro District, Iloilo City. Its branches and branch lite units are located in Antique, Iloilo, Aklan, Guimaras, Capiz, Cebu, Bohol and Leyte. The latest available records show that as of 30 September 2021, Opportunity Kauswagan Bank, Inc. has 101,618 deposit accounts with total deposit liabilities of P221.1 million, of which 89.5% or P197.8 million are insured deposits.
Based on the website of the Microfinance Council of the Philippines Inc., OK Bank is the leading microfinance bank in the Philippines, empowering the poor through client-focused banking and allied services and catering to half a million clients by 2014.
The Christ-centered microfinance bank was created from the 2008 merger of Opportunity Microfinance Bank Inc. and Kauswagan Bank Inc. (A Microfinance-Oriented Thrift Bank), and formally started its operations in 2009.
The PDIC assured depositors that all valid deposits and claims will be paid up to the maximum deposit insurance coverage of P500,000.00 per depositor.
Individual account holders of valid deposits with balances of P100,000.00 and below, who have no outstanding obligations or have not acted as co-makers of obligations with Opportunity Kauswagan Bank, Inc. are not required to file deposit insurance claims. These individual depositors must ensure that they have complete and updated addresses with the bank. Depositors may update their addresses by submitting a Mailing Address Update Form (MAUF) until January 14, 2022, either through the dropbox available at the bank premises or by sending a scanned copy of said Form and valid ID to email address, firstname.lastname@example.org. MAUF will be made available at the bank premises or may be downloaded from the PDIC website at http://www.pdic.gov.ph. Insurance payments for valid deposits with balances of P100,000.00 and below will be made through postal money order and targeted to be sent via mail starting on March 18, 2022.
For business entities and all other depositors who are required to file claims for insured deposit, receiving of claims is targeted to start by April 7, 2022. Details will be announced through the PDIC website http://www.pdic.gov.ph, and PDIC’s official Facebook page, http://www.facebook.com/OfficialPDIC.