PDIC starts paying off non-Legacy depositors


Posted at May 14 2009 07:08 PM | Updated as of May 15 2009 03:08 AM

The state insurance depositor has started servicing claims of clients of 2 closed rural banks not related to the controversial Legacy Group.

In a statement, Philippine Deposit Insurance Corporation (PDIC) said it has started receiving properly documented claims of The Bicol Development Bank and Rural Bank of Subangdaku (Mandaue City) last May 12, 2009.

PDIC said claimants must first get numbered forms from the bank branch where they maintain deposits, then get an appointment from PDIC representatives after personally presenting the filled-up claim forms with original copies of deposit evidence (savings passbook, certificates of time deposit, and bank statements including unused checks) and 2 valid photo-bearing ID. Deadline of filing the claims are between May 20 and 26, depending on the location of bank branches.

The Bicol-based bank has only one branch in Tabaco City, Albay, while Subangdaku rural bank has branches in Mandaue, Lapu-Lapu, Talisay, Las Pinas, and Digos, General Santos.

All claims will be processed in PDIC's Makati head office. Check payments will be sent through registered mail. 

The Bangko Sentral ng Pilipinas has previously confirmed that these 2 banks are not part of the Legacy Group. Transactions in Legacy's 12 rural banks all over the country are now the subject of numerous syndicated estafa cases for fraud.