Philippine Deposit Insurance Corporation President Jose C. Nograles assured that PDIC will pay all valid claims for deposit insurance of depositors of the eight banks recently placed under receivership by the Bangko Sentral ng Pilipinas. He added that PDIC personnel have been immediately deployed to undertake receivership and claims operations.

Since the receivership orders have been simultaneous, and covered banks with numerous banking units, a very large number of accounts, estimated at over 90,000 are involved. Hence, to speed up operations, personnel from PDIC’s Operating Division 2 in charge of Claims, Receivership and Liquidation were augmented by personnel from other PDIC departments. They have been working overtime to make initial evaluation of the eight banks, in preparation for payout.

As a matter of procedure, PDIC conducts examination to validate claims. The speed of payout depends on the availability and state of bank records and the completeness of documentary and other requirements submitted by claimants. However, the sheer volume of accounts involved would mean a longer time will be needed to make the necessary examination and evaluation prior to payout, despite continuous overtime work rendered by PDIC.

“We have to be sure that we are paying only valid claims in order to safeguard the PDIC’s Deposit Insurance Fund,” Nograles said. The PDIC DIF is the source of payment for insurance claims.

Nograles added, “We are doing it as fast as we can, and we will begin with the small depositors.”

Announcements on schedule for distribution of claim forms, submission of claims, and payout as soon as possible.