The Philippine Deposit Insurance Corporation (PDIC) has taken over the Export & Industry Bank (EIB) on April 27, 2012 to implement Monetary Board Resolution No. 686 dated April 26, 2012. As Receiver, PDIC shall gather all the assets of the closed bank and verify and validate all bank records.

PDIC President Valentin A. Araneta has directed the Corporation to marshall all resources needed to ensure that the receivership and the payment of deposit insurance are done swiftly. All insured depositors are assured that PDIC will pay insurance on all valid deposit accounts as soon as possible. PDIC EVP in charge of Receivership and Liquidation, Cristina Q. Orbeta has been designated official spokesperson regarding the closed bank with VP for Corporate Affairs Group Maria Leonida Fres-Felix as Deputy Spokesperson.

Payment for accounts with balances of P10,000 and below comprising 62% of the bank’s total deposit accounts of 50,052 is targeted to start by the end of May. Holders of these accounts who have no outstanding loans and who have updated their addresses in the bank in the past year, need not file deposit insurance claims.

For depositors with account balances of more than P10,000, claim forms will be distributed during Depositors Forums to be conducted nationwide starting May 2, 2012. During the Forums, the procedures, instructions and requirements for filing claims will be discussed. Claims servicing operations for accounts of over P10,000 are expected to commence no later than end of June.

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1. 2012-08 - Export & Industry Bank, Inc.