PEOPLE WHO HAVE SMALL amounts deposited in banks that have closed down need not file claims with the Philippine Deposit Insurance Corp.

PDIC announced it would waive the claims-filing requirement for people who have P5,000 or less deposited in closed banks. It said that small clients would be able to get their money back even without filing a claim with PDIC.

The deposit insurer will automatically send check payments to depositors via registered mail.

Because a considerable number of small depositors didn?t bother to file deposit claims after their banks closed, PDIC thought it best to do away with the claims-filing requirement.

PDIC said that over 144,000 small deposit accounts, worth a combined P94.16 million, were affected by banks that closed from 2008 to 2009.

?Most small depositors don?t file claims. They are reluctant to lose more than a day?s income to go through the process of filing claims. With this new policy, PDIC hopes to give small depositors access to their money deposited in closed banks,? PDIC president Jose Nograles said in a statement.

PDIC also called on banks to keep their depositors? records updated. The deposit insurer said it would tighten rules on depositors? record keeping.

Nograles said doing away with the requirement would hasten the process of claims settlement. The move will also allow PDIC to focus on uncovering fraudulent and fictitious transactions and deposit accounts.

?It is highly unlikely that accounts [worth] P5,000 and below are involved in fraudulent transactions,? Nograles said.

?It is a way of protecting small depositors, to enable them to have immediate access to deposit insurance without the need for additional expenses like transportation and documentary cost.?