Depositors of closed banks urged to file claims before it's too late

By Kathleen A. Martin, The Philippine Star

Posted at Dec 17 2014 07:20 AM | Updated as of Dec 17 2014 03:20 PM

MANILA, Philippines - Depositors of closed banks should file claims before it’s too late, the Philippine Deposit Insurance Corp. said yesterday.

“The law provides that depositors have two years from bank closure to file their deposit insurance claims with the PDIC,” the state deposit insurer said.

In particular, PDIC advised depositors of the Rural Bank of Pres. M.A. Roxas (Zamboanga del Norte), Gulf Bank (Rural Bank of Lingayen), and Cavite Rural Banking Corporation to file insurance claims at the state deposit insurer’s office along Ayala Avenue in Makati City.

These banks were ordered close earlier this year. Clients of Rural Bank of Pres. M.A. Roxas have until March 21, 2016 to submit their claims, while depositors of Gulf Bank have until April 4, 2016. Cavite Rural Bank depositors, meanwhile, have until May 9, 2016 to send in insurance claims.

Since the claims settlement operations for the three closed banks ended more than six months ago, the PDIC said the payment of further claims filed by depositors will be based on the shuttered banks’ assets.

“Depositors shall be paid following the priority and preference of credits upon approval of the Liquidation Court,” the PDIC said.

When filing deposit insurance claims, the PDIC reminded clients to fully accomplish their claim forms, present their original evidence of the deposit, and bring two valid photo-bearing IDs. Those below 18 years old should also submit a photocopy of their birth certificate, while claimants who are not signatories to bank records should present a notarized Special Power of Attorney from the depositor.

The state deposit insurer recounted claims will not be processed if the required documents are lacking.

“Depositors who have been notified of deficiencies in the documents submitted to support their deposit insurance claims [are also reminded] to comply with the requirements to facilitate release of their claims,” the PDIC said.

Closed banks’ clients may file their depositor insurance claims in person or through mail sent to the PDIC office in Makati City. Procedures and requirements are also posted at the PDIC website, www.pdic.gov.ph.

Latest PDIC data showed there have been 14 rural banks closed this year as of last week. In 2013, a total of 18 banks were ordered closed by the Bangko Sentral ng Pilipinas and placed under the receivership of the PDIC.

Read more on The Philippine Star.