Updated March 18, 2009 12:00 AM
CEBU, Philippines - The Philippine Deposit Insurance Corporation (PDIC) will start distributing claim forms today to speed up the releasing of claims of affected depositors of the 12 ill-fated rural banks of the Legacy group.
In an advisory furnished to The Freeman yesterday, PDIC announced that it will start accepting claims on March 23, which will be conducted in the bank premises and other designated sites.
PDIC said that the filing of claims does not necessarily mean automatic payment of the claim. It clarified that the filing of claims and presentation of the general requirements are part of the validation process of the deposit accounts.
While PDIC is mandated to pay deposit insurance, it is likewise required by law to strictly validate claims prior to payout, in order to safeguard the Deposit Insurance Fund, which is the source of funds for payouts. Furthermore, all payouts are subject to audit by the Commission on Audit (COA). Hence, PDIC needs to conduct thorough evaluation of claims prior to payout.
PDIC assured that it will pay all valid claims. Depositors have up to two years from date of takeover during which to file their claims.
Earlier, PDIC began the payout for small depositors. As of March 4, 2009 the Corporation already paid P133.4 million, representing about 67.3 percent of the total regular savings accounts of P100,000 and below amounting to P198.1 million. PDIC encouraged holders of accounts below P100,000 who have not yet filed their claims to do so.
Numbered claim forms for all other deposits will also be made available at the various head offices, branches and other designated sites for the 12 banks. Depositors are required to present evidence of deposit to designated PDIC representatives in order to obtain numbered claimed forms.
Depositors shall be given appointment dates on which to file claims in person, together with the general requirements such as original evidence of deposit and original and photocopy of two valid IDs.
PDIC further announced that the appointment dates are from March 23 – April 3 (excluding Saturdays, Sundays and holidays). After the Holy Week break, depending on the number of deposit accounts in the closed banks, appointment dates are from April 14 – 30, 2009. PDIC said that the schedule of distribution of forms and filing of claims will also be posted in the premises of the closed banks’ head offices and branches.
Claims processing shall be undertaken in the PDIC main offices and payment of valid claims shall be mailed.
The Legacy Group is composed of banks, financial institutions and pre-need firms. The failure of the Legacy affiliated banks is estimated to hit PDIC’s Deposit Insurance Fund (DIF) to P14.4 billion.— Ehda M. Dagooc
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