Parañaque bank's small depositors to get priority for claims

MANILA, Philippines - Small depositors of a Parañaque bank that has declared a holiday will be given priority once they start filing claims, the state-controlled deposit insurer said. The Philippine Deposit Insurance Corp. (PDIC) is still evaluating bank records after the Bangko Sentral ng Pilipinas (BSP) placed the Rural Bank of Paranaque, Inc. (RBPI) under receivership, PDIC President Jose C. Nograles "Our people are working overtime. Our pace is dictated by the availability and accuracy of bank records," Nograles said in a text message to GMANews.TV. According to the PDIC website, pre-settlement examination of bank records can take as long as two to three months. The schedule of claims servicing will be made available through national and local media, as well as through posters placed at the premises of the closed insured banks. A bank depositor can file a claim for his insured deposits within two years from the date of the bank's take over. “The claim for insured deposit should be settled within six months from the date of filing provided all requirements are met," the PDIC said. Deposits up to P250,000 are insured by the PDIC. Any amount exceeding the maximum rate may still be claimed from the proceeds of the sale of bank assets, which requires approval of a liquidation court. - GMANews.TV