Palace urges PDIC to fast-track payouts to Export Bank depositors

A Malacañang official on Friday urged the Philippine Deposit Insurance Corporation (PDIC) to fast-track the process of paying back the depositors of Export and Industry Bank as enrollment time approaches.

 

“Certainly, we expect PDIC to do its work most especially that some of the affected depositors have savings for their children’s education,” deputy presidential spokesperson Abigail Valte said at a press briefing.

 

“The school year is fast approaching. We hope that the claims can be processed at the soonest possible time,” she added.

 

On April 27, the Bangko Sentral ng Pilipinas closed the bank and placed it under receivership due to liquidity and solvency issues.

 

The PDIC has been conducting a dialogue with depositors since Wednesday.

 

PDIC spokesperson Ma. Leonida Felix earlier said 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 while those with deposits above P10,000 may have to file claims.

                                                    

Clients who have deposits of more than P500,000, or beyond the amount insured by the PDIC, may not get their money until after the bank is fully liquidated and its assets distributed to creditors.

 

Among those reportedly affected by the closure of the bank were 80 foreign retirees who are members of the Philippine Retirement Authority.

 

Valte expressed hope the incident will not have too much of a negative impact on the government’s efforts to draw foreign retirees to settle in the Philippines.

 

“What we’d like to say is that, in the case of Export and [Industry] Bank, it is not indicative of the state of the banking industry in the entire country,” she said.

 

“And for those who have been affected by the closure, we all know that the PDIC is there to take care of what needs to be returned but only up to a certain extent,” she added. — Amita Legaspi/RSJ, GMA News