To 33,400 BF depositors: PDIC releases P59M deposit claims

CEBU, Philippines - The Philippine Deposit Insurance Corporation (PDIC) announced yesterday that it has paid deposit insurance to 33,400 depositors of Banco Filipino Savings & Mortgage Bank (BF).

The payment was coursed through Postal Money Order (PMO) without the need for filing claims.

According to a statement, PDIC has paid a total amount to depositors reaching P59 million for account balances of P5,000 and below with no outstanding loan and with complete addresses in the bank records.

Mailing of payments is done continuously and completion of payment for said accounts is expected by May this year.

Thereafter, PDIC shall start paying depositors with balances of over P5,000 up to P10,000 also without the need to file claims.

The expansion of the waiver of filing requirements to include accounts up to P10,000 was made recently and will also apply to banks closed after March 17, 2011.

On the other hand, for accounts with balances above P10,000, and accounts with balances of P10,000 and below with outstanding loans and incomplete addresses in the bank records, PDIC will receive claims from April 28 to May 13 (2011).

Claim forms have been previously distributed in Depositors Forums conducted nationwide. Claim forms may also be downloaded from the PDIC website (www.pdic.gov.ph).

Details of the schedule for filing, which will be based on alphabetical listing of depositors’ surnames, will be posted at the PDIC website on April 19 and bank premises on April 26.

Depositors are also reminded to bring with them the complete requirements for filing claims as advised by PDIC representatives during the conduct of Depositors’ Forums. The requirements are also posted in the PDIC website.

PDIC targets to start payout for these accounts in July. PDIC claims processing is in two phases. The first phase is the validation of the account based on available bank records.

The second phase involves the verification of the claim based on required documents and standard operating procedures for claims processing. PDIC reaffirms its commitment to pay deposit insurance for all valid deposits.

In 2009, PDIC has announced the increase of its maximum deposit insurance coverage (MDIC) for the bank deposit to P500 thousand.

The doubling of the MDIC through the passage of Republic Act No. 9576 is a means to promote and safeguard the interests of the depositing public.

About 97.2 percent of total deposit accounts in banking system is protected with deposit insurance.

BF declared bank holiday early March this year.