February 22, 2018

The Philippine Deposit Insurance Corporation (PDIC) recently issued guidelines for all creditors of closed banks on how to file a claim against the assets of a closed bank. Creditors refer to any individual or entity with a valid claim against the assets of a closed bank and include depositors with uninsured deposits that exceed the maximum deposit insurance coverage (MDIC) of PHP500,000.

Republic Act No. 3591, as amended, or the PDIC Charter, provides that claims against the assets of a closed bank must be filed with PDIC within 60 days from the date of publication of the notice of closure of subject bank. Claims filed beyond the prescribed 60-day period shall be disallowed.

Creditors whose credits are secured by a duly registered real estate mortgage or chattel mortgage or duly constituted pledge are no longer required to file their claims against the assets of the closed bank. In addition, depositors who have filed their claims for deposit insurance within 60 days from the date of publication of the bank's notice of closure are no longer required to file a claim for the uninsured portion of their deposit against the assets of the bank.

Claims may be filed either personally at the closed bank's premises during PDIC's takeover operations, or directly at the PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City, Monday to Friday, from 8:00 AM to 5:00 PM. Claims may also be filed through mail addressed to the PDIC Public Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City. Lastly, claims may likewise be filed via e-mail sent to pad@pdic.gov.ph. A Claim Form against the assets of the closed bank may be downloaded from the www.pdic.gov.ph. PDIC also advised creditors to transact only with authorized PDIC personnel.

When filing claims, creditors must accomplish the prescribed Claim Form and attach photocopies of supporting documents to substantiate the liability of the closed bank. These documents include, but are not limited to, the following: 1) Statement of Account; 2) Billing Statement; 3) Promissory Note, Rediscounting Agreement, Loan Agreement; and 4) Pertinent contracts or agreements such as lease contracts, subscription contracts, consultancy agreements and engagement agreements. For creditors who will file a claim for the uninsured portion of their deposits, supporting documents include passbook, certificate of time deposit, or proof of deposits. When applicable, PDIC may also require other documents to validate and establish the liability of the closed bank. The original documents shall also be presented to PDIC for comparison. For claims filed through mail or e-mail, presentation of original supporting documents to PDIC shall be required prior to release of payment/s.

Once PDIC receives the Claim Form and supporting documents, it shall send an acknowledgment letter to the creditor. A notice of documentary deficiency will be sent to the creditor in case PDIC finds the supporting documents to be incomplete or insufficient to determine the liability of the closed bank. Upon receipt of said notice, the claimant shall have 15 working days to submit the supporting documents or documentary deficiencies. On meritorious grounds, the period to submit the documentary deficiencies may be extended for a maximum period of another 15 working days upon written request of the claimant.

If the claim is verified by PDIC to be valid, a Claim Certificate shall be issued in favor of the creditor. If the claim is disallowed by PDIC, the creditor shall be notified in writing of the reason for the disallowance of his/her claim. Creditors whose claims are disallowed may file their claims with the liquidation court within sixty (60) days from receipt of PDIC's final notice of denial of claim.

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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.