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testPDIC to continue processing claims of Silangan Savings and Loan Bank

The Philippine Deposit Insurance Corporation (PDIC) announced that it will continue to receive and process deposit insurance claims from depositors of the closed Silangan Savings and Loan Bank, Inc. at the PDIC Claims Counter, 4th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City. Claims may also be filed through mail.

PDIC has already concluded the on-site claims settlement operations for the closed Silangan Savings and Loan Bank last January 24, 2014.

PDIC sent notices of payment amounting to P7.91 million involving 825 accounts with balances of P50,000 and below where the filing of claim is waived by PDIC. Meanwhile, PDIC paid 425 claims during the on-site claims settlement operations involving 314 accounts for a total amount of P52.72 million deposits.

As of January 24, 2014, PDIC has yet to receive deposit insurance claims for 90 accounts, or 7% out of 1,238 accounts that require the filing of claims. The total amount of deposits covered by these claims is P8.13 million.

When filing deposit insurance claims, depositors are advised to personally present their duly accomplished Claim Form, original evidence of deposit, and two (2) original valid photo-bearing IDs with signature of the depositor. Depositors may also file their claims through mail and enclose the same set of document requirements.

Depositors who are below 18 years old should submit either a photocopy of their Birth Certificate issued by the National Statistics Office (NSO) or a duly certified copy issued by the Local Civil Registrar as an additional requirement. Claimants who are not the signatories in the bank records are required to submit an original copy of a notarized Special Power of Attorney (SPA). In the case of a minor depositor, the SPA must be executed by the parent.

The procedures and requirements for filing deposit insurance claims are posted in the PDIC website, www.pdic.gov.ph. The Claim Form and format of the Special Power of Attorney may also be downloaded from the PDIC website.

In accordance with the provisions of the PDIC Charter, the last day for filing deposit insurance claims in the closed Silangan Savings and Loan Bank is on January 11, 2016. After the said date, PDIC, as Deposit Insurer, shall no longer accept any deposit insurance claim.

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. Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342).

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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.


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PDIC is a government instrumentality created in
1963 by virtue of Republic Act 3591, as amended,
to insure the deposits of all banks. PDIC exists to
protect depositors by providing deposit insurance coverage for the depositing public and help promote financial stability
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