The Philippine Deposit Insurance Corporation (PDIC) announced that it targets to conduct claims settlement operations (CSO) for Banco Filipino Savings & Mortgage Bank (BF) from June 15 to August 19, 2011, a month ahead of the earlier target schedule in 42 CSO sites nationwide. PDIC explained that the CSO shall be undertaken in three batches to start on different dates.

PDIC Officer-in-Charge Executive Vice President Imelda S. Singzon said that during the CSO, depositors should proceed to the branches or designated CSO sites on their appointment dates based on the priority or reference numbers given to the depositors during the claims receiving operations (CRO). PDIC advised that the details of the CSO will be posted in the PDIC website, www.pdic.gov.ph, in the bank premises and in newspapers.

The first batch of the CSO will be for 20 branches to start on June 15, second batch for 24 branches to start on June 21; and third batch for 18 branches to start on July 15. Due to space limitations in some BF bank premises, some branches will not be used as CSO sites.

Depositors are reminded to bring their Claims Status Sheets (CSS) issued during the CRO and original copy of the two (2) valid IDs submitted during the filing of the claim. Depositors who are minors are required to submit the original and clear photocopy of birth certificate issued by the National Statistics Office or duly certified copy if issued by the local civil registrar. If the claimant is not the signatory in the bank records, he is required to submit a duly notarized or authenticated Special Power of Attorney executed by the depositor or parent of minor depositor.

During the CSO, valid claims will be paid onsite. Depositors who filed claims which may be found deficient in supporting documents will be requested to submit additional documents.

PDIC has paid more than 75,000 depositors with valid accounts P5,000 and below during the past weeks amounting to about P86.2 million in postal money orders (PMOs). These PMOs are encashable in Land Bank branches nationwide. PDIC said mailing of payments for valid accounts with balances of P10,000 and below with complete addresses and without outstanding bank loans started on the last week of May 2011.