P281.5M in deposit insurance claim paid in 2024, says PDIC

The Philippine Deposit Insurance Corporation (PDIC) on Tuesday paid a total of P281.5 million in deposit insurance to depositors of banks ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) in 2024.

In a statement, the PDIC said banks, now under its liquidation include Rural Bank of Cuyo (Palawan) Inc., Cooperative Bank of Bohol, and Community Rural Bank of Medellin (Cebu) Inc.

The bank deposits insurer said the amount of deposit insurance claims was made to 7,482 deposit accounts, accounting for 81% of the total 9,231 accounts in banks under liquidation.

The P281.5-million settled deposit insurance claims accounted for 94% of the P298.6-million estimated insured deposits for the three closed banks.

The PDIC said payments amounting to P126.8 million or 45% of the total payments of P281.5 million in 2024 involved 6,738 accounts which were eligible for outright payment up to the threshold of P500,000 without the need to file deposit insurance claims.

This group of depositors was paid within 10 to 18 working days from the dates the PDIC took over the banks, it said.

“This mode of deposit insurance payment where filing of a claim with PDIC is waived provides prompt reimbursement and enhanced convenience to closed bank depositors,” the state-run deposit insurer said.

The PDIC said those eligible for waived filing and outright payment are individual depositors and registered business entities who have valid deposit accounts with balances of P500,000 and below, who have no outstanding loans with the closed bank, and have a complete mailing address in the bank records or updated this information through the PDIC Mailing Address Update Form (MAUF).

“They are paid by the PDIC through postal money order checks issued and delivered by the Philippine Postal Corporation (PHLPost) and/or through LandBank-issued Visa Debit Cards,” it said.

Meanwhile, payments for depositors who are required to file claims amounted to P154.7 million, or 55% of the total payments made for depositors of banks closed in 2024, according to the PDIC.

“These payments were made for 744 deposit accounts or 10% of total deposit accounts paid in  2024,” it said.

“The PDIC settled these claims within 18 to 27 working days,” it added.

The PDIC said payments to eligible depositors are charged against the Deposit Insurance Fund (DIF), the PDIC’s primary fund source for deposit insurance payouts which stood at P236.95 billion as of end-2024. — BAP, GMA Integrated News