THE Philippine Deposit Insurance Corp. (PDIC) and the Development Bank of the Philippines (DBP) signed before yearend of 2021 an agreement that will allow the state deposit insurer to avail itself of DBP’s Multi-Channel Disbursement Facility (MCDF) for the prompt payment of deposit insurance claims of closed bank depositors.

PDIC president and chief executive officer (CEO) Roberto Tan and DBP president and CEO Emmanuel Herbosa signed the memorandum of agreement on December 29, 2021 through a virtual ceremonial signing.

Under the agreement, the state deposit insurer may avail itself of the MCDF as an additional deposit insurance claims payment option.

The MCDF provides a number of payment avenues for the convenience and safety of affected depositors. This includes intrabank credit services and payment through the PesoNet composed of participating banks and e-money issuers.

This most recent collaboration of PDIC and DBP assures closed bank depositors of more convenience given PesoNet’s wide range of affiliated financial institutions.

The MCDF will complement the current PDIC payment channels such as postal money orders, checks, cash-over-the-counter scheme with Land Bank of the Philippines and Real Time Gross Settlement/Bank Transfer.

PDIC assured the public that transactions under the MCDF are safe, secure and fully compliant with the “Know Your Client” procedures of the Bangko Sentral ng Pilipinas, the Data Privacy Act and Anti-Money Laundering laws and regulations.

The PDIC is mandated to protect the depositing public and promote financial stability through deposit insurance of up to P500,000 per depositor per bank. (KOC WITH PR)