The Philippine Deposit Insurance Corporation (PDIC) reported a low turnout of depositor-claimants during the onsite claims settlement operations at the closed Banco Carmona (A Rural Bank), Inc. that concluded on September 11, 2014. According to PDIC, claims for 79% of the total number of deposit accounts in the closed bank have yet to be filed. This involved 925 accounts amounting to P13.21 million out of the total 1,157 accounts representing P34.97 million in insured deposits. Of the 925 accounts awaiting claimants, 90% or 836 have balances of P5,000 and below.

Based on PDIC's standard payout procedures, depositors with account balances of P50,000 and below, who have complete and updated addresses, and have no outstanding obligations with the closed bank are no longer required to file deposit insurance claims and payment is mailed via postal money order. However, the PDIC was not able to implement the standard payout procedures for Banco Carmona due to the absence of complete and updated bank records, which the bank's accountable owners and officers refused to properly turn over to the PDIC. The deposit validation process considerably delayed the payout of deposit insurance claims. Payout operations in Banco Carmona took almost 40 days after takeover, from the average turnaround time of 28 days in past bank closures.

The state deposit insurer held the onsite claims settlement operations on September 9-11, 2014. Claim payments were made for 173 accounts only involving P20.94 million of insured deposits and equivalent to 60% of Banco Carmona's total estimated insured deposits at P34.97 million as of July 31, 2014 based on reports submitted by the bank to the PDIC. The PDIC also reported that claims for 13 accounts amounting to P5.9 million have been denied. These accounts were found to be unrecorded or have no funds inflow.

Depositors have until August 1, 2016 or two years from bank closure to file their deposit insurance claims. Claims may be filed at the PDIC Claims Counter, 4th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City. Claims may also be filed through mail. 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).

Meanwhile, the PDIC said that upon takeover of Banco Carmona, the bank's credit folders, statements of conditions and supporting schedules of accounts, as well as the Head Office's proofsheets, signature cards and deposit slips, and the Branch's proofsheets and deposit slips, were found missing. As standard procedure, PDIC issued demand letters to Banco Carmona's accountable officers and employees for them to immediately turn over to PDIC the bank's complete and updated records. But, they failed or refused to comply. The PDIC vowed to pursue legal actions and file criminal cases against the accountable owners, officers and employees of Banco Carmona for violation of the PDIC Charter and banking laws, as well as for qualified theft due to unauthorized withdrawals from depositors' accounts.

Banco Carmona was ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas on August 1, 2014 and was taken over by the PDIC on the same day.

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