PDIC settles P124M in deposit insurance claims for 2020

DEPOSIT insurance claims paid to insured depositors in 2020 have amounted to P124.11 million.

In its latest report, state deposit insurer Philippine Deposit Insurance Corp. (PDIC) said the payments represented claims for 7,072 valid deposit accounts maintained in five banks ordered closed in 2020, or 76 percent of the estimated total deposit accounts of 9,305.

The PDIC further said total payments accounted for about 60 percent of the total estimated insured deposits of P208.07 million in these five closed banks.

The Monetary Board of the Bangko Sentral ng Pilipinas ordered closed five banks from January to December 2020, namely, Providence Rural Bank Inc., Rural Bank of Tibiao (Antique) Inc., De La O Rural Bank Inc., San Fernando Rural Bank Inc. and Cooperative Bank of Aurora.

As provided for by the PDIC Charter, depositors of closed banks have two years to file their deposit insurance claims reckoned from PDIC’s bank takeover. These five banks are now under liquidation by the PDIC. The state deposit insurer pays insured depositors in various modes including direct mail of postal money orders to depositors with valid deposits amounting to P100,000 and below, and check payments for valid claims above P100,000.

In strict observance of health protocols and for convenience of depositors during the pandemic, the PDIC introduced the electronic filing of deposit insurance claims through email, and transfer deposit and cash over the counter schemes as additional payment modes in coordination with Land Bank of the Philippines. (PR)