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RETAIL BANKING | Cesar Tordesillas, Philippines

Exportbank clients to start getting deposit insurance

Philippine Deposit Insurance Corp. will start paying depositors of Export and Industry Bank on June 19.

The state insurer took over EIB last April 27 as receiver and is now undertaking a financial audit of the bank through an independent financial auditor to determine the bank’s valuation and define the requirements for rehabilitation.

PDIC said it will start issuing priority numbers to insured depositors on June 18 for the first batch; on June 28 for second batch; and July 10 for the third batch at the designated claims payout sites.

“The priority number corresponds to a specific appointment date when PDIC representatives will service the claims of depositors,” PDIC said.

PDIC said depositors who maintain only Automated Teller Machine accounts in EIB are not required to file deposit insurance claims regardless of amount of deposit.

“All they need to do is to secure a printout of the ATM balance confirmation receipt from the designated EIB ATM sites during the specified dates starting on June 18, June 28 and July 10 for the first, second and third batches, respectively,” the state insurer said.

EIB has close to 50,000 depositors with deposits amounting to over P15 billion. It has a nationwide network of 50 branches and 47 ATMs.

Depositors’ claims, if found valid and complete, will be processed and paid onsite.

PDIC said valid insured depositors who are not able to file their deposit insurance onsite may file their claims starting on Aug. 9 through mail or personally in its office in Makati City.

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