The Philippine Deposit Insurance Corporation (PDIC) advised depositors of the closed Export and Industry Bank (EIB) to file claims for their insured deposits. Insured depositors of EIB have only until April 28, 2014 to file their deposit insurance claims. According to Republic Act 3591, as amended (or the PDIC Charter), depositors have two years from date of bank closure to file their deposit insurance claims. The Monetary Board placed EIB under the receivership of the PDIC on April 26, 2012.

According to PDIC, claims for a total of 10,673 accounts representing P196.86 million have yet to be filed by depositors as of March 31, 2014.

As of March 31, 2014, the state deposit insurer has paid a total of 37,508 accounts amounting to P2.18 billion representing deposit insurance claims of EIB depositors. Insured depositors are entitled to a maximum deposit insurance coverage of up to P500,000.

The PDIC explained that the filing of deposit insurance claims does not in any way prejudice the claim of depositors for the uninsured portion of their deposits, or the part of their account in excess of the maximum coverage of P500,000. Payment for the insured portion of the deposits is sourced from the PDIC’s Deposit Insurance Fund (DIF), the Corporation’s main fund source for payout of deposit insurance claims.

Deposit insurance claims may be filed either personally or through mail at the PDIC Claims Counter, 4th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City.

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.

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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