PDIC urges small BF depositors with incomplete data to file claims

MANILA, Philippines -  State-run Philippine Deposit Insurance Corp. (PDIC) yesterday urged small depositors of the Aguirre-owned Banco Filipino Savings and Mortgage Bank to file deposit insurance claims after initial evaluation showed that over 25,000 accounts with balances of P10,000 and below have incomplete bank records.

PDIC officer-in-charge Cristina Orbeta said in a statement that over 25,000 accounts with balances of P10,000 and below were found to have incomplete names and addresses or no addresses on record.

“Therefore, holders of these accounts need to file claims. These claims shall be processed during the scheduled claims settlement operations for Banco Filipino in designated sites,” Orbeta stressed.

She said the state deposit insurer has dispatched all payments for depositors of Banco Filipino with balances of P10,000 and below and the claimants are expected to receive their postal money order within the next two weeks.

However, she pointed out that depositors with account balances of P10,000 and below who fail to receive check payments by June 20 would have to file their deposit insurance claims.

PDIC earlier announced that filing of claims for accounts below P10,000 is waived for deposits with complete names and addresses on record. 

Orbeta said depositors filing their claims are required to submit duly accomplished claim forms and original copy of the evidence of deposit such as passbook, certificate of time deposit, bank statements, unused checks or ATM cards.

The claimants are also required to submit clear photocopies of two valid identification cards (IDs) bearing photo and signature of the depositor or claimant.

According to her, additional documents may be required in the course of evaluation of the claims during the claims settlement operations.

“Valid claims with complete supporting documents will be paid onsite. Depositors who filed claims which may be found deficient in supporting documents will be requested to submit additional documents,” Orbeta added.

The state deposit insurer explained that servicing of claims shall be undertaken starting mid-June, in three batches to start on different dates, with the last batch to last until Aug. 19.

PDIC has paid more than 75,000 depositors with valid deposit balances of P5,000 and below as it reiterated its commitment to pay deposit insurance for all valid deposits as soon as possible. Deposit accounts amounting to P500,000 are covered by insurance and would be paid by the PDIC.

Banco Filipino managed to lure 177,652 depositors with accounts amounting to P15 billion wherein 53 percent of whom have accounts with deposits below P5,000 each.

The Bangko Sentral ng Pilipinas (BSP) ordered the closure of Banco Filipino last March 17 and placed its under the receivership of PDIC.

Banco Filipino has questioned the closure order before the Court of Appeals and reiterated that it has P30 billion worth of real estate assets that is more than enough to cover its deposit liabilities amounting to P15 billion.

Last April 1, the BSP filed criminal charges against bank directors and offices for falsification, grant of illegal loans, and major violations of banking laws, rules and regulations. Charged were chairman and president Teodoro Arcenas Jr., vice chairman Albert Aguirre, executive vice president Maxy Abad, executive vice president Catherine Aguirre-Hernandez, senior vice president Roberta Afable and directors Yasay Orlando Samson, Adelaida Adduru-Bowman, Francisco Rivera, and Ramon Montano.

Last April 5, the BSP informed the Court of Appeals that there was an urgent need to shut down Banco Filipino after the erstwhile largest savings bank in the country operated as a pyramid or “ponzi” scheme wherein they used new deposits to pay old deposits as bank officers and lawyers enriched themselves.

In a 170-page comment or opposition filed before the appelate court, the BSP and some members of the Monetary Board said there was no option left but to order the closure of Banco Filipino last March 17 after it continued to engage in a ponzi scheme where withdrawals were funded by later deposits.