PDIC pays deposit claims

The Philippine Deposit Insurance Corp. (PDIC) will only pay claims that are subjected to examination and evaluation.

In a statement, PDIC president Jose C. Nograles clarified that the validity of a claim is determined during the examination of records available in the closed bank and verification of documents and other requirements submitted during the processing of the claim.

Claims processing is a rigorous process that involves the careful evaluation of available bank records as well as documents and other requirements presented by the claimant. As part of the validation process, PDIC requires personal appearance of claimants.

PDIC claim agents may also conduct interviews with depositors depending on the circumstances of the claim being filed. PDIC staff also have to determine actual funds inflow, among others. Some claims are held for further verification prior to payout to determine their validity.

PDIC is examining products that are marketed, solicited, accepted and received in violation of the law or rules of the Bangko Sentral ng Pilipinas (BSP) and products apparently emanating from unsafe and unsound banking practices.

PDIC’s Legal Affairs Sector will be present conducting studies on deposits allegedly created from proceeds of fictitious loans and from maturing pre-need plans as well as those offering double your money schemes.

Claims processes are standard operating procedures to ensure that the bank pays the right person with the right amount as provided by law. This is also a way to safeguard the PDIC’s Deposit Insurance Fund (DIF), the source of funds for payout of deposit insurance claims.