November 24, 2016

The Philippine Deposit Insurance Corporation (PDIC) warned depositors and the general public of a scam that involves payment of deposit insurance claims of depositors of closed banks. Certain individuals represent themselves either as officers of PDIC and related government agencies and claim that they could assist depositors and prioritize the payment of their deposit insurance claims for a fee. These persons represent that they can expedite payment of deposit insurance claims and facilitate payment of claims even beyond the maximum deposit insurance coverage of PHP500,000.00.

PDIC advised depositors of closed banks to deal directly with PDIC personnel deployed in the premises of closed banks or at designated payout venues at the time of closure, or at the PDIC Head Office. PDIC authorized personnel are identified by their PDIC IDs.

The PDIC reiterated that processing and payment of valid deposit insurance claims are free of charge and strictly follow standard operating procedures; and that its officers, personnel and agents are prohibited from soliciting any form of compensation, particularly facilitation fee, in the performance of their duties.

The public is encouraged to report directly to PDIC any information on individuals or entities who call or approach them to offer their services to facilitate any transaction with the PDIC. The PDIC assured that these individuals shall be dealt with accordingly.

Information relating to this deposit insurance claim scam can be reported to the Office of the PDIC President, Attention: Atty. Jaromme Z. K. C. Castillo at telephone number (02) 841-4802 or through e-mail at jccastillo@pdic.gov.ph. Information may also be sent or reported to the PDIC Public Assistance Department through the PDIC hotlines at (02) 841-4630 to 31, the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342) for depositors outside Metro Manila, e-mail address at pad@pdic.gov.ph, or via private message on PDIC's official Facebook account, www.facebook.com/OfficialPDIC.

The PDIC assures the public of its commitment to protect depositors and promote financial stability.

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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 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.