The Philippine Deposit Insurance Corporation (PDIC) announced that the Philippine Postal Corporation (PPC) started mailing the payment for valid savings deposit accounts with balances of P15,000 and below maintained with the closed Siam Bank on December 14, 2012, 21 days after the bank’s closure on November 23, 2012.

The payments are in the form of postal money orders (PMOs) sent through registered mails which may be encashed either with the local postal office or the nearest branch of the Land Bank of the Philippines.

According to the PDIC, postal money order payments were made to 2,510 accounts or 55% of the 4,550 accounts maintained with Siam Bank.

Under this automatic payment scheme, depositors who have savings accounts with balances of P15,000 and below, who have no outstanding loans or obligations with Siam Bank; and who have complete and updated addresses in the bank’s records or have updated their addresses using the PDIC Depositor Update Forms are not required to file their deposit insurance claims. The waiver of the requisite filing of claim provided convenience to these small depositors by providing them immediate access to their deposit insurance.

Meanwhile, the PDIC announced that it will start receiving and servicing deposit insurance claims from the rest of the depositors of Siam Bank in the 2nd week of January 2013 in all the bank’s branches. Servicing of claims will be conducted at the bank’s Head Office located at the Ground Floor, Executive Centrum Bldg., J.R. Borja St., Cagayan de Oro City, Misamis Oriental, and at its four branches in Iligan City (Lanao del Norte), Valencia (Bukidnon), Lugait and Villanueva (Misamis Oriental), all in Northern Mindanao.

Those who are required to file their deposit insurance claims are the following: 1) Depositors whose savings accounts have balances of more than P15,000; 2) All depositors who are holders of Certificates of Time Deposits regardless of the deposit balance; and 3) Depositors who have outstanding obligations with Siam Bank regardless of type of account.

Details of the claims settlement operations as well as requirements for the filing of claims may be accessed at the PDIC website, www.pdic.gov.ph. For more information, depositors may contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail at pad@pdic.gov.ph.

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The Philippine Deposit Insurance Corporation (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.

PDIC news/press releases and other information are available at the website, www.pdic.gov.ph.