PDIC: 75,330 BF depositors already got insurance claims

CEBU, Philippines - The Philippine Deposit Insurance Corporation (PDIC) have already paid off deposit insurance of 75,330 depositors with balances of P5,000 and below of the ill-fated Banco Filipino Savings & Mortgage Bank (BF).

PDIC officer-in-charge and executive vice president Imelda S. Singzon said in an official statement that the corporation continues to mail payments as soon as claims are validated during the examination of accounts.

The payments which were sent through registered mail to the depositors’ latest addresses in the bank records amounted to the total of P86.2 million.

For accounts with balances of up to P10,000 with complete addresses and without outstanding loans, validation and mailing of checks for validated accounts is ongoing.

For accounts with balances of above P10,000, PDIC received almost 70,000 claims during the claims receiving operations (CRO) from April 28 to May 13, 2011. It shall continue to receive deposit insurance claims from depositors of BF at the PDIC Office in Ayala Avenue, Makati City.

“We reassure the public that we will pay deposit insurance for all valid accounts The whole organization is being mobilized to fast track the claims settlement operations to pay these accounts as soon as possible.” she added.

Banco Filipino declared bank holiday early this year.

Last April, PDIC deployed manpower to service the victim-depositors not only for BF, but also the other two banks that declared bank holiday the Growers Rural Bank and GMA Rural Bank of Cavite.

PDIC vowed to continue to carry out its mandate of depositor protection and conduct payout operations as soon as possible. The Corporation has policies in place to ensure operational continuity and stability. It is run by professional and highly competent officers and staff.

Singzon said that PDIC officers and staff had shown dedication to their jobs, citing that throughout the years, staff had selflessly ensured continuous service to depositors.

In 2006, PDIC was cited second best governed among 31 GOCCs by the Institute of Corporate Directors, in recognition of its strict observance of the principles of transparency, accountability and independence. The ICD is a non-government organization that promotes best practices in corporate governance and corporate social responsibility.— (FREEMAN)