The Philippine Deposit Insurance Corporation (PDIC) announced that it will start sending payments on May 22, 2012 for valid deposits with balances of P10,000 and below maintained by depositors in the closed Export & Industry Bank (EIB). Payments will be made through postal money orders (PMOs). PDIC said that it expects mailing of payments to be completed by June 1, 2012.

The valid accounts that are P10,000 and below total 29,314 accounts or 60.7% of the total deposit accounts of EIB of 48,274 as of end March 2012. This initial batch of deposit insurance payments are for holders of accounts who have no outstanding loans with EIB and who have updated their addresses with the bank in the past year. These account holders were not required to file deposit insurance claims.

The state deposit insurer reported that it intends to start servicing the claims for accounts of over P10,000 up to P500,000 on June 19, 2012. This is one week earlier than the original schedule. The schedules per branch and venues will be announced through notices to be posted in the bank premises and other public places as well as through the PDIC website, www.pdic.gov.ph, newspapers and radios.

The PDIC advises depositors with balances above P10,000 to prepare the requirements such as the duly accomplished Claim Form and the complete checklist of requirements in the Claim Status Sheet: original copy and photocopy of the evidence of deposit and original and photocopy of two valid photo-bearing identification documents (IDs) with signatures of the depositors. Claim Forms and the checklist in the Claim Status Sheet were previously distributed during the Depositors Forums. Forms may also download from the PDIC website: www.pdic.gov.ph.

For more information, depositors may communicate with PDIC Public Assistance personnel stationed at the bank premises. They may also call the PDIC Public Assistance Hotlines at (02) 8414630 to (02) 8414631. Borrowers of the bank may also communicate with the Deputy Receiver/Assisting Deputy Receiver at the bank premises or call the Receivership and Bank Management Department at telephone numbers (02) 841-4780 or (02) 841-4783 for more information. Queries may also be sent through email at pad@pdic.gov.ph.

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, ww.pdic.gov.ph.

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4. Statement of the Philippine Deposit Insurance Corporation on Export and Industry Bank
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