PDIC pays deposit insurance claims through various modes to provide convenience to closed banks’ depositors
The Philippine Deposit Insurance Corp. (PDIC) paid a total P1.1 billion as at end-July 2019 in deposit insurance claims covering 47,916 deposit accounts that had balances within the maximum deposit insurance coverage (MDIC) of P500,000.
Of the P1.1 billion, P1.05 billion, corresponding to 94.5 percent, were payments made to depositors of seven banks ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas in 2019.
The remaining P60.4 million, or 5.5 percent, were paid to depositors of banks closed prior to 2019 and who either filed depositor insurance claims or completed required documentation of their claims only this year.
Deposit insurance payments are sourced from the deposit insurance fund (DIF), the PDIC’s main fund.
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As of end-June 2019, the DIF remained well-capitalized at P177.8 billion, or 6.4 percent of the estimated insured deposits in the banking system. The ratio is higher than the minimum corporate target of 5.5 percent for the year for the DIF adequacy.
PDIC pays deposit insurance claims through various modes to provide convenience to closed banks’ depositors.
Payments are made through postal money orders for depositors who have valid deposit balances of P100,000 and below; have updated addresses in the closed bank’s records or have updated their addresses through the mailing address update form of PDIC; have no obligations with the bank, or have not acted as co-makers of these obligations, or are not spouses of the borrowers; and have not maintained the account under the name of business entities. These depositors are paid outright and are not required to file deposit insurance claims.
Depositors who are required to file deposit insurance claims are paid onsite through PDIC’s Field Operations Claims Settlement.
These involve depositors with valid deposit accounts with balances of more than P100,000; or depositors regardless of type of account and deposit balance who have outstanding obligations with the closed bank, either as borrower, co-maker, or spouse of borrower; with incomplete or outdated mailing address found in the bank records; with accounts under the name of business entities; with accounts not eligible for early payment; and who are deceased, whose filing of claim is thru the legal heirs.
