The Philippine Deposit Insurance Corporation (PDIC) announces that it is receiving and processing deposit insurance claims from depositors of the closed Rural Bank of Balete (Aklan) at the PDIC office. The state deposit insurer has already concluded the claims settlement operations (CSO) for RB Balete held at the bank’s Head Office located in Poblacion, Balete, Aklan from October 17 to 22, 2012; and at the bank’s Kalibo branch located at Toting Reyes St., Brgy. Buswang New, Kalibo, Aklan from October 17 to 29, 2012.

As of October 31, 2012, PDIC had yet to receive deposit insurance claims for 745 accounts, or 43% of 1,735 savings and time deposit accounts with balances greater than P10,000. Earlier, PDIC had sent notices of payment for an aggregate amount of P3.7 million involving 2,560 accounts with balances of P10,000 and below and covered by the waiver of the requisite filing of claims.

In filing their deposit insurance claims, RB Balete depositors are advised to proceed to the PDIC Claims Counter located at 4th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City.

When filing deposit insurance claims, depositors are advised to personally present their duly accomplished Claim Forms and Claim Status Sheets, original and photocopy of the evidence of deposit, and original and photocopy of two (2) valid photo-bearing IDs with signature of the depositor. Depositors may also file their claims through mail and enclose the same set of document requirements.

Depositors who are below 18 years old should submit either a photocopy of their Birth Certificate issued by the National Statistics Office (NSO) or a duly certified copy issued by the Local Civil Registrar as an additional requirement. Claimants who are not the signatories in the bank records are required to submit an original copy of a notarized Special Power of Attorney of the depositor or parent of a minor depositor.

The procedures and requirements for filing deposit insurance claims are posted in the PDIC website, www.pdic.gov.ph. The Claim Form, Claim Status Sheet, and format of the Special Power of Attorney may also be downloaded from the PDIC website.

In accordance with the provisions of the PDIC Charter, the last day for filing deposit insurance claims in the closed RB Balete is on August 18, 2014. After said date, PDIC, as Deposit Insurer, shall no longer accept any deposit insurance claim.

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.

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, www.pdic.gov.ph.