PDIC pays P614M in deposit insurance

(From PDIC's Facebook)
(From PDIC's Facebook)

THE Philippine Deposit Insurance Corp. (PDIC) has disbursed a total of P614 million in deposit insurance to depositors of banks that were ordered closed in 2023.

The total payments represented claims for 15,796 valid deposit accounts maintained in seven banks that were ordered closed by the

Monetary Board of the Bangko Sentral ng Pilipinas (BSP) last year.

Paid accounts represented 87 percent of the total deposit liabilities of 18,080 accounts. Further, the total payment accounted for 94 percent of the total estimated insured deposits amounting to P651.3 million.

Some P137 million was paid to depositors who were not required to file deposit insurance claims, accounting for 22 percent of the total payments for the year.

Depositors representing 13,546 accounts or 86 percent of the total number of deposit accounts benefited from waived filing. PDIC said this group of depositors was paid within 10 to 17 days from the bank takeover date, earlier than the target payment of 14 to 19 days.

Eligible for waived filing are individual depositors who have valid deposit accounts with balances of P100,000 and below, who have no outstanding loans with the closed bank, and have a complete mailing address in the bank records or updated information through the PDIC Mailing Address Update Form.

Meanwhile, payments for depositors who are required to file claims amounted to P477 million, or 78 percent of the total payments for the year. The PDIC settled their claims within 15 to 26 days, also faster than the target payment of 21 to 27 days. Benefiting from the hastened settlement were depositors involving 2,250 deposit accounts, representing 14 percent of total deposit accounts paid in 2023.

The Monetary Board of the BSP ordered closed seven banks from January to December 2023, namely Rural Bank of San Agustin (Isabela) Inc.; Rural Bank of San Marcelino Inc.; Binangonan Rural Bank Inc.; Rural Bank of San Juan (Southern Leyte) Inc.; Bangko Pangasinan – A Rural Bank Inc.; United Consumers Rural Bank Inc.; and Rural Bank of Talisay (Cebu) Inc. These banks are now under liquidation by the PDIC.

According to the PDIC Charter, depositors of closed banks have two years to file their deposit insurance claims reckoned from the date of PDIC’s takeover of the bank.

The PDIC continues to accept deposit insurance claims from depositors via email, postal mail and courier service. Depositors may also file their claims personally at the PDIC Public Assistance Center in Makati City. / KOC

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