Over 25,000 BF depositors asked to update information, file claims with PDIC

MANILA, Philippines – The Philippine Depository Insurance Corp. (PDIC) is calling over 25,000 depositors of the shuttered Banco Filipino Savings and Mortgage Bank, who have P10,000 or less in deposits, to file their claims with the PDIC because their information with the bank has been found to be incomplete and the agency has no way of reaching them.

The state deposit insurer said that filing of claims for small accounts has been waived for deposits with complete names and addresses on record.

PDIC executive vice president Cristina Q. Orbeta, also the officer- in-charge, said Wednesday that the agency has written out the checks for Banco Filipino’s small depositors but that more than 25,000 these accounts had incomplete data as in incomplete names and addresses or no addresses on record.

These depositors “will not receive check payments by June 20 [and] will have to file their deposit insurance claims,” she said.

These claims will be processed during the scheduled claims settlement operations (CSO) for Banco Filipino in designated CSO sites, she added.

Orbeta explained that during the CSO, valid claims with complete supporting documents would be paid onsite.

She said depositors who filed claims, which may be found deficient in supporting documents, would be asked to submit additional documents.

Those filing claims – they are allowed to do it by mail – must submit an accomplished form that is available at the PDIC office, CSO sites or the PDIC website (www.pdic.gov.ph).

Claimants should also turn in an original copy of their passbook, certificate of time deposit, bank statements, unused checks or ATM cards.

They should also submit clear photocopies of two valid IDs bearing the photographs and signatures.

The servicing of new claims shall be undertaken in three batches to start on different dates, from mid-June until August 19, according to Orbeta.

PDIC is “commit(ted) to pay deposit insurance for all valid deposits as soon as possible,” she said.

Further, Orbeta said PDIC has paid more than 75,000 depositors with deposits of P5,000 and less.

She said payments for these valid accounts – in the form of postal money orders – were sent directly to the depositors’ last known addresses based on Banco Filipino records.