PDIC assures EIB depositors of prompt insurance payout

CEBU, Philippines - Following the declaration of the Monetary Board to place the Export & Industry Bank under receivership, the Philippine Deposit Insurance Corporation (PDIC) assured the depositors for prompt pay out of their deposit insurances.

As receiver, PDIC took over the bank on April 27, 2012 through the MB Resolution number 686, and it shall gather all the assets of the closed bank and verify and validate all bank record. 

In a statement, the state deposit insurer assured depositors that all valid deposits , net of any outstanding obligations of concerned depositor with the bank, shall be paid up to the maximum deposit insurance coverage of P500,000.

PDIC said that depositors with valid accounts with balances of P10,000 and below, who have no outstanding obligations with Export & Industry Bank and who have updated their addresses with the bank in the past year, need not file deposit insurance claims. PDIC will start payment to these depositors by end of May 2012.

Depositors whose accounts have balances of more than P10,000 or have outstanding obligations with the bank should file their deposit insurance claims. The claims settlement operations for these accounts are expected to commence end of June 2012. The inclusive dates, schedule and venues will be announced through notices to be posted in the bank premises and other public places as well as through the PDIC website, www.pdic.gov.ph, newspapers and radios as soon as it is finalized.

Export & Industry Bank is a 50-unit bank with Head Office located in Exportbank Plaza, Chino Roces Avenue corner Sen. Gil Puyat Avenue, Makati City. Latest available records show that as of December 31, 2011, the Bank had 50,092 accounts with total deposit liabilities of P15.98 billion.

According to the latest General Information Sheet filed by Export & Industry Bank with the Securities and Exchange Commission, the bank is majority owned by Ridderbrecht B.V. (11.62 percent), Lead Bancfund Holdings, Inc. (10.03 percent), Apex Bancrights Holdings, Inc. (10.03 percent), Extra Year Investments Ltd. (9.5 percent), Asiawide Refreshments (8.45 percent), Medco Asia Investments Corp. (7.86 percent), among others. Its Chairman is Jaime C. Gonzalez and its President is Juan Victor S. Tanjuatco.

PDIC will conduct Depositors Forums starting May 2, 2012 to explain the requirements and procedures for filing deposit insurance claims. Schedules and venues will be announced later. These will also be posted in the PDIC website, www.pdic.gov.ph.

During the Depositors Forum, PDIC will also discuss matters pertaining to loan obligations of borrowers with the closed Export & Industry Bank.

PDIC was established on June 22, 1963 by Republic Act 3591 to provide depositor protection and help maintain stability in the financial system by providing permanent and continuing deposit insurance.

Effective June 1, 2009, the maximum deposit insurance coverage is P500,000 per depositor. All deposit accounts by a depositor in a closed bank maintained in the same right and capacity shall be added together. A joint account shall be insured separately from any individually-owned deposit account.