The Philippine Deposit Insurance Corporation (PDIC) has taken over Banco Filipino on March 17, 2011 in implementation of Monetary Board Resolution No. 372.A dated March 17, 2011 designating PDIC as receiver of the bank.

PDIC President Jose C. Nograles has directed the mobilization of the entire organization to fasttrack the payment of deposit insurance. Insurance payment for accounts with balances of P5,000 and below comprising 53% of the bank’s total deposit accounts of 176,313 is targeted to start a week after takeover. This will be made through postal money order (PMO) mailed directly to depositors via registered mail. These PMOs can be encashed at any of the over 1,400 postal offices and over 300 LandBank of the Philippines branches nationwide. Holders of these accounts who have no outstanding loans and whose address is current in the bank records do not need to file deposit insurance claims.

For depositors with account balances of more than P5,000, claim forms will be distributed during Depositors Forums to be conducted nationwide next week. During the Forums, procedures, instructions and requirements for filing claims will be discussed. The schedule for claims receiving will be announced shortly after the examination of bank records.

PDIC reassured depositors of the bank that they will pay all valid deposit insurance claims as soon as possible.

March 17, 2011