The Philippine Deposit Insurance Corporation (PDIC) will start servicing claims for deposit insurance in the closed G7 Bank Inc. on Monday, August 18, 2008.

The PDIC, in a statement, announced that it will start claims servicing on August 18, a non-working holiday, in pursuit of its commitment to public service in order to provide relief to depositors.

PDIC advised depositors to proceed directly to the bank premises where they maintain their accounts and present to PDIC representatives the original evidence of deposits such as savings passbook or certificates of time deposit; and two (2) valid identification documents (IDs) with depositor’s signature. PDIC will service claims during office hours, Monday to Friday, including holidays. Servicing of claims in the bank’s Head Office located at Panganiban Drive corner Concepcion Pequena, Naga City, Camarines Sur, and Naga and Nabua branches will be conducted until September 12, 2008. Claims will be serviced in Daraga, Ligao, Polangui and Pasig branches until September 5, 2008.

In a statement, PDIC reported that G7 Bank Inc. had unadjusted deposit liabilities of about P3.38 billion as of August 1, 2008.

The Monetary Board (MB) ordered the closure of G7 Bank Inc. and placed it under PDIC receivership by virtue of MB Resolution No. 961 dated July 31, 2008. PDIC took over G7 Bank on August 1, 2008. Depositors of G7 Bank are given two (2) years from bank takeover to file their claims or until August 2, 2010 only. The maximum deposit insurance coverage is P250,000 per depositor. End