PDIC to start paying Legacy Group depositors


Posted at Feb 10 2009 11:36 AM | Updated as of Feb 10 2009 08:52 PM

The Philippine Deposit Insurance Corporation (PDIC) will start the payout of depositors of 15 rural banks that closed under the Legacy Group.

The PDIC said it has validated at least 35,000 small accounts under the banks which closed down in the last two months.

The PDIC's deposit insurance fund currently stands at P61 billion, more than enough to settle the P14-billion total insurance claim of the 15 banks.

The first payments will be made to those who have P100,000 or less in deposits.  - report from ANC