PDIC releases P6.13B claims of Banco Filipino depositors

CEBU, Philippines - The Philippine Deposit Insurance Corporation (PDIC) yesterday announced that it has paid a total of P6.13 billion in deposit insurance claims to depositors of Banco Filipino Savings & Mortgage Bank (BF).

Based on its latest figure as of August 11, 2011, PDIC has paid 79 percent of its total estimated insured deposit of P7.76 billion.

Payments have been made to 135,983 accounts of 79 percent of total deposit accounts of 172,323.

PDIC also reported that of the total payments made, P5.76 billion was paid during the ongoing onsite claims settlement operations.

These onsite payments were for 51,090 accounts of P10,000 and below, without outstanding loans with BF and who had complete the addresses in bank records totaling 84,893 ccounts.

Payments were made directly to the depositors, PDIC said.

Likewise, PDIC reported that the onsite claims settlement operations for BF has been completed for 57 branches and this is ongoing for the last 5 branches until August 19, 2011.

PDIC said that depositors who were unable to file their claims during the onsite claims settlement operations may file their claims at the PDIC Office in Makati City starting August 31, 2011.

Last month, the state-owned deposit insurer announced the release of new rules for the filing of requests for reconsideration of denied deposit insurances claims.

The Regulatory Issuance no. 2011-03, which took effect on June 30 this year, provides a mechanism by which depositors of closed banks may seek reconsideration from the decision of the PDIC to deny deposit insurance claims.

Meanwhile, PDIC reported that the total amount of deposits as of end of the first quarter of this year grew by 8.9 percent or P411 billion, compared to the first quarter of 2010.

As of end March 2011, deposits in Philippine banks had reached P5 trillion. The growth is marginally slower than the 9% registered in the same period of last year. PDIC also reported that deposits in thrift banks posted double-digit growth at 10% from 6.7 percent as of end March 2010.

PDIC President Valentin A. Araneta said that the continued growth of bank deposits is indicative of the continued confidence of the public in the banking system and the Filipinos’ predisposition to save for the rainy days, despite earlier crisis faced by the rural bank industry brought about by the BF closure, as well as the Legacy Bank controversy, among others. — (FREEMAN)