THE Philippine Deposit Insurance Corporation (PDIC) has approved payment of claims to Legacy Bank depositors amounting to almost P2.26 billion.
This despite reports that its operations had been hampered by the big volume of Legacy bank accounts, missing bank records and several suspected fraud cases.
Of the P2.26 billion, PDIC has paid almost P1.43 billion to Legacy Bank depositors while the balance worth P834.3 million is currently being scheduled for release.
In a statement, PDIC president Jose Nograles said that seasoned PDIC examiners and external auditors combed through about 2,000 boxes of documents to examine and process claims. Still, a total amount of P2.83 billion representing 21,819 claims were found to be document deficient.
Depositors have been notified of documents they need to submit to substantiate their claims.
PDIC reported that a total of 39,020 claims amounting to P4.76 billion are in process. Once these are validated, claimants will be sent their check payments or letters notifying them of the status of their claims.
Meanwhile, PDIC has denied payment for 4,164 claims amounting to P204.07 million. Of these, 709 claims for P78.68 million represented questionable or fictitious accounts. The remaining 3,429 claims worth P125.4 million were claims for non-existent accounts in the Legacy banks.
A total of 19,070 claims amounting to P2.55 billion were put on hold pending further verification.
Nograles expressed confidence that all valid claims will be paid soon.
PDIC has completed the examination of accounts end of August 2009 which has resulted in the validation of 109,791 out of the total 134,653 accounts. The rest were accounts with incomplete documents or referred to Legal. He said that claims processing was in full swing. (PR)
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