Cash payments to Unitrust depositors to continue until Oct 7
MANILA, Philippines - The Philippine Deposit Insurance Corporation (PDIC) will continue to release cash payments for the remaining depositors and creditors of Unitrust Development Bank (Unitrust) until October 7.
In a hearing last September 10, The PDIC said that given that Unitrust has sufficient cash, claims of all depositors and creditors can be settled fully in cash.
The PDIC also reported that the bank has surplus assets amounting to P156 million.
The PDIC has started the release of the cash payments last Monday, September 9.
Payments should be claimed personally by depositors and creditors or their duly authorized representative at the Unitrust Development Bank Exchange Corner in Makati.
Meanwhile, the Liquidation Court has set another hearing today (September 13), to discuss the content of the Release, Waiver and Quit claim, With Undertaking to be accomplished by the depositors and creditors of Unitrust.
According to Unitrust Stockholder Francis Yuesco, Jr., depositors and creditors should sign a waiver over their claims over the closed banks' surplus dividends before they can receive the cash payments.
The Liquidation Court had earlier directed the Unitrust depositors and creditors “to agree to the proposed allocations of their interests in the real properties as payment equivalent to 38% of their respective claims” and “to execute their respective quitclaims and waivers once all their claims have been fully-settled.”
PDIC, however, stressed that the waiver on the part of the depositors and creditors over the surplus dividends is voluntary.
Providing depositors and creditors accurate information on the financial condition of the closed Unitrust is critical in making informed decisions and serves their best interests in order to maximize the recovery of their claims in the closed bank, said PDIC in a statement.