Posted: 17 Mar 2011 09:11 PM PDT
The Philippine Deposit Insurance Corp. (PDIC) took over the operations
of Banco Filipino Savings and Mortgage Bank after being appointed as its
receiver by the Bangko Sentral ng Pilipinas.
The first order of business was to expedite the payment of deposit
insurance to Banco Filipino's 177,652 depositors, according to PDIC
president Jose C. Nograles. Of the total number of depositors, 97
percent can be considered small depositors and covered by the deposit
insurance of P500,000 each.
The first ones to be issued payments are those whose balances do not
exceed P5,000, which account for about 53 percent of bank's total
account holders. These depositors need not file any claims for their
money. PDIC would immediately process them and mail their payments
within a week's time from yesterday.
They will be receiving their money via postal money order which they can
convert to cash at postal offices or the branches of Land Bank of the
Philippines.
As for those whose balances exceed P5,000, they will have to file their
claims and will be subject to validation.
Nograles said that they will be conducting Depositors' Forums nationwide
starting next week where they will be distributing claim forms, and
giving instructions and discussing the requirements for filing claims.
They will announce the schedule for claims receiving shortly after they
finished examining the bank records.
