Landbank ready to service deposit claims in closed banks

MANILA, Philippines - Depositors of shuttered banks may now get their claims at any branch of the Land Bank of the Philippines after the latter signed an agreement with the Philippine Deposit Insurance Corp. (PDIC), the state deposit insurer said.

In a statement on its website, PDIC said depositors who have deposit claims may either opt for a Landbank manager’s check or have their money credited to their Landbank account.

The memorandum of agreement was signed by PDIC president Valentin Araneta and Gilda Pico, Landbank president and chief executive officer, last Dec. 6.

Originally, depositors with claims of more than P15,000 would have to wait for PDIC notice advising the Landbank branch where they can submit their claims. For those with P15,000 or less, money is delivered by mail.

PDIC said the two new payment schemes will only serve as “additional” channels for the state agency in sending out payment claims.

The two new payment schemes are targeted at “providing convenience and security to depositors,” PDIC said.

Accroding to PDIC,, depositors must file with any Landbank branch the following: duly signed PDIC payment slip with attached acknowledgment receipt, and two original copies of valid ID with one presented to PDIC during the filing of claims, and another that is “acceptable” to Landbank.

“The PDIC continues to conduct process and systems reviews to enhance its core operations particularly in implementing convenient deposit insurance payment schemes to better service depositors of closed banks,” PDIC said.

Last month, the bank receiver increased the amount of covered deposits qualified to be delivered straight to depositors’ residences without the need to file claims. From the original maximum amount of P10,000, this was increased to P15,000.

PDIC executive vice president Cristina Orbeta said the increase was meant to fasttrack the servicing of claims.