PDIC starts paying Export Bank's small depositors

Posted at 05/21/12 3:38 PM

MANILA, Philippines - Export & Industry Bank (EIB) depositors who had deposits of P10,000 and below in the shuttered bank will start getting their money back soon. The Philippine Deposit Insurance Corporation (PDIC) said it will begin sending deposit insurance payments to small depositors of EIB tomorrow (May 22).

The payments will be made through postal money orders. The PDIC expects to complete the mailing of payments to these EIB depositors by June 1.

Small depositors, or those with P10,000 and below, account for 60.7% or 29,314 of the total accounts at EIB as of end March. Depositors with no outstanding loans with EIB and have updated their addresses with the bank were not required to file insuance claims.

The PDIC said it plans to start servicing claims for accounts of over P10,000 up to P500,000 on June 19. Notices of the schedule and venues will be announced through notices on EIB branch premises and through the PDIC website, newspaper and radio.

Depositors with deposits of over P10,000 should bring the duly accomplished claim form and the complete checklist of requirements in the claim status sheet: original copy and photocopy of the evidence of deposit and original and photocopy of two valid photo IDs with signatures of the depositors.

Claim forms and the checklist in the claim status sheet were previously distributed during the Depositors Forums. Forms may also download from the PDIC website: www.pdic.gov.ph.