By NORA SORINO, Iligan City Bureau Chief
and RIC PALAHANG, Correspondent .
Philippine Deposit Insurance Corp. on Monday took over the closed Rural Bank of Maigo this month of September.
In a message sent to this paper by the Philippine Information Agency, Lanao del Norte, it was learned that depositors and borrowers of the bank were called for a forum this week.
The PDIC even scheduled the bidding September 27 (Thursday) of this week.
It will be at the Bangko Sentral ng Pilipinas , Cagayan de Oro branch from 8:00 am to 5:00 pm.
It was learned that the said bank at Maigo, Lanao del Norte is the 11th bank closed by PDIC this year.
As of June 30 of this year, it has 2,150 account depositors with a total amount of P73.25 million.
Total insured by the PDIC is P64.06 million or 87.4% of the total depositors.
In a positive development regarding said municipality of Maigo, Lanao Norte, mayor Rafael “Paeng” Rizalda said that there is no rice shortage there presently.
And in order to assure that the situation remains as such the local government is facilitating the
continuous production of upland rice in the 13 barangays of this town.
He added it is not only rice that his barangays are producing but corn and coconuts too.
And that as much as possibe the produce especially of rice and corn should only be sold at the said town.
He said that tractors are being used more extensively there for the convenience of the farmers in the production of upland rice with the fuel for such facilitated by the LGU with liberal terms.
To note, upland rice is being produced in dry soil instead of in watery rice paddies.
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