Remaining depositors of Export and Industry Bank (EIB) have been urged to file insurance claims for their deposits in the closed bank ahead of its possible takeover by the Aboitiz group.
In a statement, state-run Philippine Deposit Insurance Corp. (PDIC) said the bank’s former depositors had until April 28, the last Monday of this month, to file their claims. All deposits are insured by the PDIC up to P500,000 in the event of a bank’s closure.
“The filing of deposit insurance claims does not in any way prejudice the claim of depositors for the uninsured portion of their deposits, or the part of their account in excess of the maximum coverage of P500,000,” PDIC said.
“Payment for the insured portion of the deposits is sourced from the PDIC’s Deposit Insurance Fund (DIF), the corporation’s main fund source for payout of deposit insurance claims,” it added.
According to PDIC, claims for a total of 10,673 accounts representing P196.86 million have yet to be filed by depositors at the end of last month. About P2.2 billion in insured deposits have already been paid, PDIC said.
PDIC’s advisory comes ahead of EIB’s possible takeover by the Aboitiz-led Union Bank of the Philippines, which last month offered to act as a white knight to EIB, entering as a strategic investor—a move backed by depositors with claims not covered by PDIC’s maximum insurance.
At the time of its closure in 2012, deposits not covered by PDIC’s maximum insurance stood at P8.2 billion, according to the Coalition of EIB Uninsured Depositors.
EIB’s rehabilitation increases the chances that all depositors would get their money back, whereas the bank’s liquidation means these deposits would be paid depending on how much cash the PDIC can get from the sale of the closed bank’s assets. Paolo G. Montecillo