PDIC sets up claims receiving centers

CEBU, Philippines – The Philippine Deposit Insurance Corporation (PDIC) has set up receiving centers for claims filing to give access to regional depositors who have been affected by the ill-fated closure of the rural banks of the Legacy Group. 

PDIC announced that onsite distribution of claim forms and filing of claims ended April 3 in the following 11 Legacy-affiliated banks: Bank of East Asia (Bangko Rural de Bisayas [Minglanilla, Cebu]), Inc., Pilipino Rural Bank, Inc., Rural Bank of Carmen (Cebu), Inc., Philippine Countryside Rural Bank, Rural Bank of DARBCI, Inc., San Pablo City Development Bank, First Interstate Bank (Rural Bank of Kananga, Leyte), Inc., Dynamic Bank, Rural Bank of San Jose (Batangas), Inc., Nation Bank, and Rural Bank of Bais (Negros Oriental), Inc.

However, PDIC executive vice president (in charge of claims, receivership and liquidation) Imelda S. Singzon said that it has set up four regional claims receiving centers to accommodate depositors based in Metro Manila, Luzon, Visayas and Mindanao who missed the April 3 deadline.

Singzon said depositors may transact with the following regional claims receiving centers nearest their place of residence: 1) PDIC Office, Ground Floor, PDIC Building 2228 Chino Roces Avenue, Makati City (starting April 7, 2009); 2) Dynamic Bank (Batangas City Branch) in Brgy. Calicanto, Batangas City, Batangas (April 20-22, 2009); 3) Philippine Countryside Rural Bank (Cebu), Inc. (PCRBI) Executive Office – Lapu-Lapu City located along M. L. Quezon Highway, Pajo, Lapu-Lapu City, Cebu (April 20-22, 2009); and 4) RB of DARBCI, Gaisano Mall Bldg. J. Catolico Avenue, Lagao, Gen. Santos City, South Cotabato (April 20-22).

PDIC said that depositors may get claim forms and/or file their claims at any of the regional claims receiving centers on the specified dates, during office hours, Mondays to Fridays, except holidays.

Depositors with deposit accounts in two or more Legacy affiliated banks may file their claims in just one (1) Regional Claims Receiving Center, nearest their residence. 

While PDIC is mandated to pay deposit insurance, it is likewise required by law to strictly validate claims prior to payout, in order to safeguard the Deposit Insurance Fund which is the source of funds for payouts.

All payouts, on the other hand are subject to audit by the Commission of Audit (COA). Hence, PDIC needs to conduct thorough evaluation of claims prior to payout.

Earlier, PDIC had begun payout for small depositors. As of March 4, 2009 the Corporation had paid P133.4 million, representing about 67.3 percent of the total regular savings accounts of P100 thousand below amounting to P198.1 million.

The Legacy Group is composed of banks, financial institutions and pre-need firms. The failure of the Legacy affiliated banks is estimated to hit PDIC’s Deposit Insurance Fund (DIF) to P14.4 billion. — Ehda M. Dagooc (THE FREEMAN)