Waiver of insurance claims filing expanded to P10,000

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Tuesday, April 19, 2011


THE Philippine Deposit Insurance Corporation (PDIC) has expanded the coverage of the waiver for filing of deposit insurance claims for small depositors from P5,000 to P10,000.

In an advisory, PDIC said it would no longer require the filing of deposit insurance claims for depositors with balances of P10,000 and below to ensure that more small depositors will benefit from the expeditious payment of deposit insurance without the need to file claims.

PDIC implemented for the first time the waiver for depositors with balances of P5,000 and below last year. This level also applied to banks closed before March 17, 2011.

“PDIC reaffirms its commitment to protect small depositors that is why our Board of Directors immediately approved the extension of waiver of the filing requirement to depositors with balances of P10,000 and below,” the Corporation stressed. “We continuously look for ways to improve our public service delivery to the depositing public.”

Last week, PDIC started mailing the first batch of insurance payments to depositors with balances of P5,000 and below with no outstanding loans from the bank and with complete addresses in the bank records.

Payment was made by way of postal money orders (PMOs) sent through registered mail directly to depositors. The PMOs can be encashed in more than 1,400 post offices and over 300 Land Bank of the Philippines branches nationwide.

PDIC also said it will start mailing insurance payments to Banco Filipino depositors with balances between P5,001 to P10,000 next month after the target completion of the payment for P5,000 and below. Payment will also be through PMO.

For accounts with balances above P10,000 up to P500,000, the target start of payout is 120 days after the takeover or in mid-July. The schedule of filing will be announced soon even as the initial stage for processing of said accounts shall be started even before claims are filed.

“With this expansion, 63 percent of depositors or over 100,000 will receive their deposit insurance directly through registered mail without need of filing claims. This new level will also apply to succeeding bank closures,” the advisory added. (CGC)

Published in the Sun.Star Bacolod newspaper on April 19, 2011.

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