Payments after 1 week

Friday, March 18, 2011

SHORTLY after the central bank ordered the closure of Banco Filipino, the Philippine Deposit Insurance Corp. (PDIC) took over the thrift bank yesterday.

The Bangko Sentral ng Pilipinas (BSP) designated PDIC as receiver of the bank, a PDIC statement said.

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PDIC president Jose C. Nograles has directed the speedy payment of deposit insurance to Banco Filipino’s depositors.

However, it will first begin with depositors whose account balances do not exceed P5,000.

Payments will begin a week from yesterday and will be done through postal money order (PMOs), PDIC said.

Accounts

The PMOs can be converted to cash at postal offices and branches of Land Bank of the Philippines.

The PDIC said 53 percent of Banco Filipino’s 176,313 have account balances not exceeding P5,000.

Account holders of Banco Filipino who do not have loans and whose addresses are
current in the bank records do not need to file deposit insurance claims.

For depositors with account balances of more than P5,000, claim forms will be distributed during depositors forums to be conducted nationwide next week, the PDIC said.

The PDIC will explain during the forum the procedures and requirements for filing claims.

The PDIC will announce the schedule of the releasing of claims after it has completed examination of bank records.

PDIC assured depositors of the bank that it will pay all valid deposit insurance claims as soon as possible.