PDIC: Incomplete requirements delay insurance claims processing

CEBU, Philippines - Despite its commitment to immediately to pay the depositors of Banco Filipino Savings and Mortgage Bank (BF), specifically those with deposits below P10,000, the Philippine Deposit Insurance Corporation (PDIC) said there are still account holders whose claims have not been released.

This is for the reason that claimants provided incomplete requirements, said PDIC officer-in-charge and executive vice president Cristina Q. Orbeta.

In a statement, Orbeta said that there are over 25, 000 accounts with balances of P10,000 and below were found to have incomplete names and addresses of no addresses on record, “therefore, holders of these accounts need to file claims.”

According to Orbeta depositors with account balances of P10,000 and below who will not receive check payments by June 20 this year, will 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.

These claims shall be processed during the scheduled claims settlement operations (CSO) for Banco Filipino in designated CSO sites. During the CSO, 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. Claims may also be filed through mail.

When filing claims, depositors are required to submit the following: 1) duly accomplished claim forms which are available at the PDIC Office, CSO sites or may be downloaded from the PDIC website (www.pdic.gov.ph); 2) original copy of the evidence of deposit such as passbook, certificate of time deposit, bank statements, unused checks or ATM cards; and 3) clear photocopies of two valid IDs bearing photo and signature of the depositor or claimant. Additional documents may be required in the course of evaluation of the claims during the CSO. 

The state deposit insurer further emphasized 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 August 19, 2011.  Depositors were advised to check the schedule of the CSO posted in the PDIC website (www.pdic.gov.ph), at the bank premises, or at the designated CSO sites.

Meanwhile, PDIC has paid more than 75,000 depositors with valid deposit balances of P5,000 and below. Payments for these valid accounts in the form of postal money orders (PMOs) were sent directly to the depositors to their last known addresses recorded in Banco Filipino.

PDIC reiterated its commitment to pay deposit insurance for all valid deposits as soon as possible. – (FREEMAN)