The Philippine Deposit Insurance Corporation recently released the rules and regulations for the filing of requests for reconsideration of denied deposit insurance claims (Regulatory Issuance No. 2011-03). The rules took effect on June 30, 2011.

The Regulatory Issuance provides a mechanism by which depositors of closed banks may seek reconsideration from the decision of the PDIC to deny deposit insurance claims.

For more effective monitoring and tracking, all written requests for reconsideration should be addressed to SVP Sandra A. Diaz, Sector Head, Deposit Insurance Sector, PDIC, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City. The request must be filed within 60 days from the receipt of the notice of denial of claim. The depositor must attach to his letter the original or certified true copy of his evidence of deposit existent prior to the bank’s closure which had not been submitted to the PDIC at the time of the filing of claims. A pro-forma request for reconsideration is likewise made available to the depositors to guide them in filing their request for reconsideration. This can be downloaded from the PDIC website, www.pdic.gov.ph.

The request must also contain a statement authorizing PDIC to examine bank records to verify authenticity and veracity of documents submitted and a waiver from Republic Act No. 1405 also known as the Law on Secrecy of Bank Deposits. The requirement will enable the PDIC to readily verify and authenticate the representations and submissions of the depositor. PDIC shall decide on the appeal 120 days from issuance of the notice submitting the request for reconsideration for resolution. PDIC will no longer entertain requests for reconsideration filed after the lapse of the 60-day period from the receipt of notice of denial.

All banks are mandated to post a copy of the said Regulatory Issuance in their premises. Banks must also submit compliance reports duly certified by their compliance officers. The RI is posted on the PDIC website.