The Philippine Deposit Insurance Corporation (PDIC) announced that it will start distribution of claim forms on Wednesday, February 11, to depositors who maintained regular savings accounts amounting to P100,000 and below in 12 banks closed in December 2008. Numbered claim forms will be distributed at the bank/branch premises where these accounts were maintained. Actual claims servicing will commence on Friday, February 13.

In order to get a claim form, depositors must present their original regular savings passbook to the PDIC representatives deployed at the closed banks’ premises.

The 12 closed banks are Rural Bank of Parañaque, Pilipino Rural Bank, Rural Bank of Bais (Negros Oriental), Rural Bank of San Jose (Batangas), Bank of East Asia, First Interstate Bank, Philippine Countryside Rural Bank, Dynamic Rural Bank, Nation Bank, Rural Bank of Carmen (Cebu), Rural Bank of DARBCI, and San Pablo City Development Bank. Claims servicing at RB Paranaque for these savings accounts started last December 22, 2008.

In an advisory, PDIC Executive Vice President Imelda S. Singzon, in charge of Claims, Receivership, and Liquidation, explained that to ensure an orderly payout, the claim forms have been numbered, each number corresponds to an appointment date for the processing of the depositor’s claim. “Distribution of claim forms will be on a first come, first served basis. The number indicated in the claim form corresponds to the appointment date of the depositor. This will ensure that the depositor’s claim will be processed on that day,” Singzon said. She advised depositors to file their claims on their appointment dates.

Singzon also said that PDIC is prioritizing the claims of depositors with regular savings accounts of P100,000 and below in keeping with the state deposit insurer’s mandate to protect small, unsophisticated depositors. Based on available data from these 12 closed banks, depositors with accounts P100,000 and below represent about 62% of the total deposit accounts of more than 130,000.

Distribution of numbered claim forms for regular savings accounts with balances of P100,000 and above as well as for time deposits, special savings accounts and current accounts will be announced as soon as examination of deposit records is completed.