The payout operations of the Philippine Deposit Insurance Corporation (PDIC) to service claims of depositors of the closed LBC Development Bank is ongoing at the LBC Bank branches and designated payout sites until December 2011. The PDIC started the receiving, processing and settlement of depositors’ claims on November 16, 2011. The schedules and other information on the payout operations are posted in the bank premises and designated sites and at the PDIC website, www.pdic.gov.ph.

Payout operations are being held in the 18 LBC Bank branch premises out of the total 20 banking units, as follows: Angeles, Baguio, Balanga, Batangas, Cagayan de Oro, Cebu, Dagupan, Davao, Iloilo, Kalibo, La Union, Laoag, Naga, Olongapo, San Pedro, Timog, Urdaneta and Vigan.

Meanwhile, the payout operations for the LBC Bank Head Office is ongoing at the PDIC Office in Chino Roces Avenue in Makati City until December 16. The payout operations for the Imus branch is ongoing at the bank premises of the closed GMA Rural Bank – Imus Branch located at Aguinaldo Highway, Tanzang Luma, Imus, Cavite until December 1.

Depositors who do not have appointment dates yet are advised to proceed to the branches and designated sites for their Priority Numbers. Priority Numbers are being issued by the PDIC to depositors on a first come, first serve basis upon presentation of their evidence of deposit. The Priority Number corresponds to a specific appointment date or the schedule when the depositor’s claim will be serviced by PDIC representatives. The appointment dates, requirements and procedures for filing claims are posted at bank premises and designated sites and at the PDIC website.

PDIC said that claims of depositors with appointment dates will be processed onsite. After processing, claims for valid deposits with complete documentation will be paid onsite. Depositors who lack supporting documents will be requested to submit the necessary documents before they could receive their payments. Depositors are urged to appear during their appointment dates. Otherwise, their claims may not be processed onsite.

Depositors who are given Priority Numbers on dates beyond the duration of the payout operations may file their claims with the PDIC representatives during the onsite operations. However, their claims will be processed at the PDIC-Home Office in Makati City and notices of payment or document deficiencies will be sent to the depositors through mail.

Depositors who failed to file their claims onsite are advised to submit their claims either personally at PDIC, 4/F SSS Bldg., Ayala Avenue, Makati City during office hours, or through mail.

Claim Forms and Claim Status Sheets may also be downloaded from the PDIC website, www.pdic.gov.ph.