PDIC beefs up manpower handling deposit claims of three closed banks

CEBU, Philippines - The Philippine Deposit Insurance Corporation (PDIC) is set to beef up its manpower servicing the depositors of three closed banks.

The state-owned deposit insurance agency will conduct claims servicing operations (CSO) for Growers Rural Bank and GMA Rural Bank of Cavite, and claims receiving operations (CRO) for Banco Filipino.

In a statement, PDIC officer-in-charge executive vice president Imelda S. Singzon said that the detail, schedules and servicing sites/venues of the above-mentioned CSOs and CRO are posted at the PDIC website and in the bank’s respective servicing/receiving sites.

The almost simultaneous PDIC operations in these three closed banks will be undertaken even as the Corporation is going through a leadership transition.

This is not the first time that PDIC has undergone such a transition in leadership. In the last 10 years, leadership transition had taken place thrice: in 2003, 2006, and 2007.

During all these times, PDIC continued to carry out its mandate of depositor protection and conduct payout operations as soon as possible. The Corporation has policies in place to ensure operational continuity and stability. It is run by professional and highly competent officers and staff.

Singzon said that PDIC officers and staff had shown dedication to their jobs, citing that throughout the years, staff had selflessly ensured continuous service to depositors.

In 2006, PDIC was cited second best governed among 31 GOCCs by the Institute of Corporate Directors, in recognition of its strict observance of the principles of transparency, accountability and independence. The ICD is a non-government organization that promotes best practices in corporate governance and corporate social responsibility.

Early this month, PDIC paid deposit insurance to 33,400 depositors of Banco Filipino Savings & Mortgage Bank (BF).

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

PDIC has paid a total amount of P59 million to depositors 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.