NEWS/PRESS RELEASE
PR-132-19
Date of Release: September 17, 2019
FOR IMMEDIATE RELEASE

The Philippine Deposit Insurance Corporation (PDIC) paid a total of PhP1.1 billion as of end-July 2019 in deposit insurance claims covering 47,916 valid deposit accounts that had balances in closed banks within the maximum deposit insurance coverage (MDIC) of PhP500,000.

Of the PhP1.1 billion, PhP1.05 billion, corresponding to 94.5%, were payments made to depositors of the seven banks ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas in 2019. The remaining PhP60.4 million, or 5.5%, were paid to depositors of banks closed prior to 2019 and who either filed depositor insurance claims or completed required documentation of their claims only this year.

Deposit insurance payments are sourced from the Deposit Insurance Fund (DIF), the Corporation’s main fund. As of end-June 2019, the DIF remained well-capitalized at PhP177.8 billion, or 6.4% of the estimated insured deposits in the banking system. The ratio is higher than the minimum corporate target of 5.5% for the year for the DIF adequacy.

PDIC pays deposit insurance claims through various modes to provide convenience to closed banks’ depositors. Payments are made through postal money orders (PMOs) for depositors who have valid deposit balances of PhP100,000.00 and below; have updated addresses in the closed bank’s records or have updated their addresses through the Mailing Address Update Form (MAUF) of PDIC; have no obligations with the bank, or have not acted as co-makers of these obligations, or are not spouses of the borrowers; and have not maintained the account under the name of business entities. These depositors are paid outright and are not required to file deposit insurance claims.

Depositors who are required to file deposit insurance claims are paid onsite through PDIC’s Field Operations Claims Settlement (FOCS). These involve depositors with valid deposit accounts with balances of more than PhP100,000.00; or depositors regardless of type of account and deposit balance who have outstanding obligations with the closed bank, either as borrower, co-maker, or spouse of borrower; with incomplete or outdated mailing address found in the bank records; with accounts under the name of business entities; with accounts not eligible for early payment; and who are deceased, whose filing of claim is thru the legal heirs. FOCS are usually held for a specified period either at the closed bank’s premises or in venues in close proximity to the closed bank if the bank premises are not suitable for payout operations.

Meanwhile, depositors who are unable to file their deposit insurance claims during the FOCS period may file their claims personally or by mail through PDIC’s Home Office Claims Settlement (HOCS) at the PDIC Public Assistance Center, 3rd Floor, SSS Building, 6782 Ayala Avenue corner V.A. Rufino St., Makati City.

Depositors of closed banks who have queries on their deposit insurance claims may contact the PDIC Public Assistance Department at telephone number (02) 841-4630, or e-mail at pad@pdic.gov.ph, or through telephone numbers (02) 841-4630. Depositors and creditors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342). Walk-in clients may also visit the PDIC Public Assistance Center at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM, except holidays. Inquiries may also be sent as private message at Facebook through www.facebook.com/OfficialPDIC.

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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 PhP500,000 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.

Corporate Communications Dept.
PHILIPPINE DEPOSIT INSURANCE CORPORATION
Tel: (02) 841-4637 / Fax (02) 841-4833
Trunkline: (02) 841-4000
Website: www.pdic.gov.ph.
Email: ccd@pdic.gov.ph
Facebook: www.facebook.com/OfficialPDIC
Twitter: www.twitter.com/OfficialPDIC