CREDITORS of the defunct Maximum Savings Bank have been invited to submit their claims against the bank’s assets, the Philippine Deposit Insurance Corp. (PDIC) said.

According to the (PDIC), the creditors have until Jan. 21 to file their claims.

“Creditors refer to any individual or entity with a valid claim against the assets of a closed bank and include depositors with uninsured deposits that exceed the maximum deposit insurance coverage (MDIC) of P500,000,” PDIC said in a statement Friday.

Creditors whose claims are denied will will be notified officially by email, after which the claims can be further pursued in liquidation court within 60 days.

Depositors with account balances beyond the MDIC of P500,000 that have already submitted their claims for the insured portion of their deposits as of Jan. 21 “are deemed to have filed their claims for the uninsured portion or the amount in excess of the MDIC.”

The Monetary Board of the Bangko Sentral ng Pilipinas ordered the closure of the rural bank on Nov. 7 and authorized PDIC to take over the assets.

The bank’s main branch is at Batangas City while the others are in Sabang and Calapan City, Oriental Mindoro. — Luz Wendy T. Noble