PDIC urges Banco Filipino small depositors to file insurance claims

The Philippine Deposit Insurance Corp. (PDIC) on Wednesday urged small depositors of Banco Filipino Savings and Mortgage Bank to file deposit insurance claims after the PDIC found over 25,000 of these accounts with incomplete records. In a statement, PDIC officer-in-charge Cristina Orbeta said over 25,000 accounts with balances of P10,000 and below have incomplete names, and missing or incomplete addresses. “Therefore, holders of these accounts need to file claims. These claims shall be processed during the scheduled claims settlement operations for Banco Filipino in designated sites," Orbeta said. She also said PDIC has dispatched all payments for Banco Filipino depositors with balances of P10,000 and below. The claimants should expect to receive their postal money order within the next two weeks, Orbeta added. She noted, however, that depositors with account balances of P10,000 and below who fail to receive check payments by June 20 will have to undergo the process of filing their deposit insurance claims. In April, PDIC exempted depositors with balances of P10,000 or below from filing deposit insurance claims, increasing to 63 percent the number of Banco Filipino depositors who would receive their deposit insurance directly via registered mail. Banco Filipino depositors had earlier expressed dismay at the long process of claiming deposits from the beleaguered bank, according to a report on GMA News’ “24 Oras."
For the latest Philippine news stories and videos, visit GMANews.TV In March, the Bangko Sentral ng Pilipinas (BSP) ordered the closure of Banco Filipino after the latter’s liabilities reportedly topped its assets by P8.4 billion. Later, the BSP alleged that Banco Filipino operated using the fraudulent “Ponzi" or pyramiding scheme. – Paterno Esmaquel II/VS, GMA News