Philippine Deposit Insurance Corporation (PDIC) President Jose C. Nograles said that as a result of initial verification it conducted with the assistance of audit firm, KPMG-Manabat, it had verified about 55% of the almost 135,000 accounts in the 12 closed Legacy banks as of March 10, 2009 estimated at P14 billion. The said verified accounts amounted to P6.43 billion.

Of the verified accounts, P6.05 billion were classified as Doubtful, while P381 million were classified as validated or eligible for insurance payment. Deposits with incomplete documents made up bulk or P5.42 billion of doubtful accounts. Nograles appealed to former officers and employees of the Legacy group and affiliated banks to turn over the documents in their possession to the Senate Committee on Trade and Industry headed by Senator Mar Roxas. PDIC can then obtain copies of those documents to assist them in their examination and investigation of those accounts.

The rest of the doubtful accounts are questionable transactions amounting to P621.36 million which will be subject to Legal review. They included deposits from conversion of preneed plans, fictitious loans and deposits related to car/motorcycle promotion and others.

"This will take time, but we have to do this to separate the victims from the perpetrators so that we can protect the victims and bring the perpetrators to justice," Nograles said. "Our field personnel have been receiving threats and pressure for immediate payout, but we have to carefully investigate these accounts as mandated by our Charter," he continued.

As of March 10, 2009, PDIC has paid P138.5 million in insurance claims for regular savings accounts with balances of P100,000 and below, classified as validated. This accounted for 70% of regular savings accounts of P100,000 and below.

The 12 closed Legacy 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.