PDIC: Depositors with over P500K in Exportbank may be in for long wait 

Clients of Export and Industry Bank with deposits of more than P500,000 may be in for a long wait to get all their money back, the Philippine Deposit Insurance Corp. (PDIC) admitted Monday. PDIC spokesperson Ma. Leonida Felix said that while they can insure up to P500,000, any amount above it may not come until after the bank is fully liquidated, and its assets distributed to creditors. "Ang sobra sa P500,000, makukuha nila in the event ma-liquidate ang bangko at may natirang sapat na na ari-arian ang bangko para sa creditors. Ang creditors ng bangko kasama ang depositor na may uninsured portion. Kung ma-rehabilitate ang bangko, doon din makukuha nila," Felix said in an interview on dzBB radio. "Normally after liquidation makuha if there are enough assets. Amounts above P500,000 may be availed of once the bank's assets are liquidated and distributed to its creditors, including depositors with uninsured amounts. Once the bank is rehabilitated, that's the time such depositors can get their money above P500,000)," Felix also said. "Matagal-tagal yan (It may take a long time)," she added, but did not give a specific timetable. Last Friday, the Bangko Sentral ng Pilipinas closed the Export and Industry Bank, and placed it under receivership, due to liquidity and solvency issues. Felix reiterated depositors with a balance of P10,000 and below and do not have outstanding debts with the bank can expect their checks to be mailed to them starting May 30. Those with deposits above P10,000 may have to file claims, even as the PDIC will hold depositors' forums nationwide. She advised depositors to bring their passbooks, ATM cards and certificates of time deposit, as well as ID cards with photos and signatures. "Dadalhin din ang original ID to check against pero kukunin namin ang kopya ng ID (Bring your original IDs for verification, but we'll take only the photocopied ID)," she said. She also said depositors may call the PDIC Public Assistance Hotlines at (02) 8414630 to (02) 8414631. PDIC took over the bank on April 27, gathered all the assets of the closed bank, and began to verify and validate all bank records. The PDIC said latest available records show that as of December 31, 2011, the Bank had 50,092 accounts with total deposit liabilities of P15.98 billion. It cited the latest General Information Sheet filed by Export & Industry Bank with the Securities and Exchange Commission showing the bank is owned by Ridderbrecht B.V. (11.62%), Lead Bancfund Holdings, Inc. (10.03%), Apex Bancrights Holdings, Inc. (10.03%), Extra Year Investments Ltd. (9.5%), Asiawide Refreshments (8.45%), and Medco Asia Investments Corp. (7.86%). - ELR/HS, GMA News