PDIC now ready to pay Legacy clients

By JADE LOPEZ, Reporter

SMALL depositors of the closed Legacy-affiliated banks will soon breathe a sigh of relief after the Philippine Deposit Insurance Corp. (PDIC) announced it will soon start paying out the deposit insurance claims of investors with maximum deposit insurance coverage of P250,000.

PDIC President Jose Nograles said the company will start mailing check payments for valid deposit insurance claims or letters regarding the status of claims by the end of this month.

He said PDIC had been mailing checks for depositors of other closed banks in the past through registered mail, which is the fastest way to send payments to depositors.

According to PDIC statement, the company reported that as of April 2, it had distributed claim forms to 109,726 depositors or about 78 percent of the estimated total number of depositors of the 12 Legacy-affiliated banks.

These Legacy banks have about 135,000 deposit accounts owned by an estimated 141,000 depositors.

A total of 70,152 depositors, or 64 percent of the 109,726 depositors who have already been given claim forms, have started filing their claims with PDIC.

PDIC earlier announced that onsite distribution of claim forms and filing of claims ended last April 3 in the following 11 Legacy-affiliated banks: Bank of East Asia (Bangko Rural de Bisayas in Minglanilla, Cebu), Inc., Pilipino Rural Bank, Inc., Rural Bank of Carmen (Cebu), Inc., Philippine Countryside Rural Bank, Rural Bank of DARBCI, Inc., San Pablo City Development Bank, First Interstate Bank (Rural Bank of Kananga, Leyte), Inc., Dynamic Bank, Rural Bank of San Jose (Batangas), Inc., Nation Bank, and Rural Bank of Bais (Negros Oriental), Inc.

PDIC Executive Vice Vice President in charge of claims, receivership and liquidation Imelda Singzon said that it has set up four regional claims receiving centers to accommodate depositors based in Metro Manila, Luzon, Visayas and Mindanao who missed the April 3 deadline.

Depositors may transact with the following regional claims receiving centers nearest their place of residence: PDIC Office, Ground Floor, PDIC Building 2228 Chino Roces Avenue, Makati City (starting April 7, 2009); Dynamic Bank (Batangas City Branch) in Barangay Calicanto, Batangas City, Batangas (April 20-22, 2009); Philippine Countryside Rural Bank (Cebu), Inc. (PCRBI) Executive Office – Lapu-Lapu City located along M. L. Quezon Highway, Pajo, Lapu-Lapu City, Cebu (April 20-22, 2009); and Rural Bank of DARBCI, Gaisano Mall Bldg. J. Catolico Avenue, Lagao, Gen. Santos City, South Cotabato (April 20-22).

PDIC said that depositors may get claim forms and/or file their claims at any of the regional claims receiving centers on the specified dates, during office hours, Mondays to Fridays, except holidays.

Depositors with deposit accounts intwo or more Legacy affiliated banks may file their claims in just one Regional Claims Receiving Center, nearest their residence.

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