PDIC to start paying Iloilo Cooperative Bank depositors Thursday

Depositors of the defunct Cooperative Bank of Iloilo may start claiming their insurance deposit claims on Thursday, the Philippine Deposit Insurance Corporation (PDIC) said in a statement. “PDIC assured depositors that it will pay all valid deposit insurance claims as soon as possible,” the state-owned bank insurer said on Wednesday. The claims settlement operations (CSO) will be held at the bank’s premises located at Bonifacio Drive, Iloilo City and will last until March 27, 2012. Depositors who will fail to file their claims during the on-site CSO may still file their claims starting April 12, 2012 at the PDIC main office in 4/F SSS Building, 6782 Ayala Avenue, Makati City. “Depositors of Cooperative Bank of Iloilo have until January 24, 2014 to file their claims. Beyond the said deadline, PDIC, as deposit insurer, will no longer accept any claim for insured deposits,” PDIC added. The state-owned insurer urged depositors to bring the complete proof or documentation of their bank documents for the timely payment of their claims. PDIC said that depositors with outstanding balances below P10,000 have been mailed with Notice of Payments provided that they did not have other accounts in the cooperative bank and did not have any other accounts.   It reminded claimants to transact only with authorized PDIC representatives. The maximum deposit insurance coverage amounts to P500,000. PDIC took over the bank under its receivership in January this year. As of September 2011, the bank has 2,230 accounts with total deposit liabilities of P129.47 million. - Rouchelle Dinglasan/KBK, GMA News