To provide immediate relief to depositors of the closed G7 Bank, the Philippine Deposit Insurance Corporation (PDIC) will start claims servicing operations on August 18, 2008, although it is a holiday.

In the light of the extraordinarily large number of accounts, PDIC devised a schedule for the orderly servicing of claims. The schedule involves three phases and includes August 25, 2008, another holiday. The phases are initial claims servicing, resumption of servicing and servicing at PDIC office.

During the initial claims servicing operations, PDIC staff will distribute claim forms indicating the respective schedules when the depositor will return to the bank to submit the accomplished forms together with the documentary requirements. For claim forms without dates, depositors shall be advised of the schedule of resumption (through posting of notices in the respective branches) and when to submit the accomplished claim forms with the documentary requirements.

Initial 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 during office hours from Mondays thru Fridays including holidays from August 18 to September 12, 2008 . Claims will be serviced in Daraga, Ligao, Polangui and Pasig branches from August 18 to September 5, 2008 during office hours from Mondays thru Fridays including holidays.

PDIC will resume claims servicing on October 1 to 28, 2008 , during office hours, Mondays thru Fridays. These will be done at the Head Office for depositors of the Head Office and Naga and Nabua branches; at Polangui for depositors of Polangui, Daraga and Ligao branches; and at the PDIC Ayala Office for the depositors of Pasig Branch.

Thereafter, for the third phase, all G7 Bank depositors are advised to mail their claim forms and documentary requirements to the PDIC - Claims Processing Department, 6/F, SSS Bldg., Ayala Avenue corner Rufino Street, Makati City.

In a statement, PDIC assured depositors that all valid deposit insurance claims shall be paid, and that is why PDIC staff shall be working even through holidays during the initial claims servicing operations. A resumption of payout was scheduled for the same reason.

Depositors will be informed of additional requirements for claims that need further verification.

G7 Bank, a seven- unit bank was ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas by virtue of MB Resolution No. 961 dated July 31, 2008 . The PDIC was designated as receiver of the bank. It took over the bank on August 1, 2008 . Depositors have two years from date of takeover to file claims for deposit insurance.

PDIC advised depositors to proceed to the banking premises where they maintained their accounts for further information.