Monday, January 05, 2009 PDIC to pay valid claims: official
PHILIPPINE Deposit Insurance Corp. (PDIC) president Jose C. Nograles reiterated that while PDIC will pay all valid claims for deposit insurance, all claims are subject to prior examination and evaluation, and only valid claims will be paid.
Nograles clarified that the validity of a claim is determined during the examination of records available in the closed bank and verification of documents and other requirements submitted during the processing of the claim.
Claims processing is a rigorous process that involves the careful evaluation of available bank records as well as documents and other requirements presented by the claimant.
As part of the validation process, PDIC requires the personal appearance of claimants.
PDIC claim agents may also conduct interviews with depositors depending on the circumstances of the claim being filed.
PDIC staff also have to determine actual funds inflow, among others.
Some claims are held for further verification prior to payout to determine their validity.
PDIC is examining products that are marketed, solicited, accepted and received in violation of the law or rules of the Bangko Sentral ng Pilipinas and products apparently emanating from unsafe and unsound banking practices.
PDIC general counsel and senior vice president Atty. Romeo M. Mendoza Jr. said PDIC’s Legal Affairs Sector is conducting studies on deposits allegedly created from proceeds of fictitious loans and from maturing pre-need plans as well as those offering double-your-money schemes.
PDIC’s claims processes are standard operating procedures to ensure that the it pays the right person with the right amount as provided by law.
This is also a way to safeguard the PDIC’s Deposit Insurance Fund, the source of funds for payout of deposit insurance claims. (PR)
