Calling on the PDIC

The Rural Bank of Subangdaku, Mandaue City depositors are still in limbo. The PDIC has not announced any current advice on the status of the depositors’ claims, except to say that the claims are under “process.” So far, one claimant of P250T had long been paid, but two other claimants, with P200T deposits have not yet been fully paid, to cite a few.

 Considering the length of time that claimants have been waiting in uncertainty, it behooves the PDIC to come up with updated info, at least to appease the anxiety or fears of depositors over their claims. For instance, has the RBS enough assets to cover the still unpaid claims? Even if it has, and/or already depleted, what action has PDIC done against the management who obviously cannot account for unpaid deposits being apparently mismanaged or misappropriated?

 Whatever be the case, why does not PDIC act, at least communicate with all individual unpaid depositors, to apprise them of the actual status of their unpaid deposits?

 PDIC has been focused on and concerned with the latest LBC Bank and the Banco Filipino bank runs and their ultimate closures which, appeases the still unpaid LBC and BF depositors. Lately, PDIC had announced “to release (the) 3rd batch of claims of BF depositors” which gives the latter a ray of hope. Further, PDIC instructs that depositors have to “verify their appointment dates posted in the premises of the branches, designated as claims settlement operations (CSO) sites and the PDIC website, www.pdic.gov.ph .

 It appears that this 3rd batch of BF claimants had been scheduled on July 22 to August 19 for Mandaue City CSO to serve the “remaining depositors who were not able to claim their insurance.” Incidentally, this third batch covers 18 remaining banking units, out of the total 62 units, added to 37 already completed, or a total of 55 already served. Thus, there are only 7 branches wherein CSO operation is ongoing. In short, the BF depositor claimants have been attended to by the PDIC whose nationwide bank run and eventual closure came much later than the closure of the Rural Bank of Subangdaku (RBS). The LBC depositors’ claims have also been addressed promptly.

To repeat, while some few small depositors of RBS have been paid, the bigger depositors are still left at sea. One’s daughter has periodically contacted the PDIC but the vague answer is always “under process.”

It’s high time perhaps to be openly candid on the actual standing of the capability of PDIC to satisfy the depositors now suffering from the plight and still in the dark indefinitely. Are there enough funds to answer their claims, and/or has the RBS enough assets to cover its liability?

 Incidentally, has the PDIC as RBS “receiver” and liquidator ever probed into the circumstances of the abrupt bankruptcy of RBS and eventual closure? Talks were bruited about that it was allegedly caused by the withdrawal of the capital and/or deposits of a local politician. Another was allegedly the sheer mismanagement, and the depletion of funds that resulted, was coupled with outright “lining of the pockets” of RBS’ fiscal officers. Whatever are the facts, has PDIC filed any case for mismanagement, or malversation, to the detriment of its depositors?

 Unlike the cases of Banco Filipino and the LBC Bank that the PDIC has acted upon with dispatch, and openly, the RBS case has been handled by PDIC in utter sub-rosa, leaving its depositors in the dark. And it’s evident that PDIC has been dragging its feet in resolving the problem, and under wraps from its depositors.

P.S. Grand-nephew Engr. Justin Evan Paradiang Mancao who passed the 2011 Board for Electrical Engineer Licensure Exams with a rating of 82.7% is a Cum Laude Graduate from the College of Engineering, University of San Carlos. He is, therefore, entitled to “special eligibility” from the Civil Service Commission, pursuant to PD 907. Congratulations again!