Urban depositors asked to complete requirements

All depositors of Urban Bank and claimants of Urbancorp Investments, Inc., are being advised by the Export and Industry Bank (Exportbank) to complete documentation requirements for an initial settlement of up to P500,000 each beginning this Sept. 14, Exportbank president Benjamin P. Castillo said yesterday.

The funds for the first payout, Castillo said, have been turned over by the Philippine Deposit Insurance Corp. (PDIC).

The National Association of Urban Depositors and Creditors, Inc. (NAUD) likewise joined Exportbank’s call for completion of documentation requirements.

Castillo said Exportbank could have begun settlement two weeks earlier or this Aug. 31.

A review showed additional documents are necessary for an orderly settlement of claims against Urban Bank and Urbancorp Investments.

Interests, however, will be paid to depositors and creditors computed based on initial amounts of up to P500,000 for the period Sept. 1 to Sept. 13, 2001.

The new payment schedule was approved by PDIC, he said.

Under the rehabilitation program of the Urban group, the remaining balance of deposits and claims will be settled over the next three years.

The Exportbank official said that depositors and claimants of Urban could proceed to the "Emerging Secretariat" on the 36th floor of the EIB Plaza (formerly Urban Plaza) at Sen. Puyat Avenue corner Chino Roces Avenue in Makati City.