Philippine Deposit Insurance Corp. said Tuesday it paid P1.1 billion as of end-July 2019 in deposit insurance claims covering 47,916 valid deposit accounts that had balances in closed banks within the maximum deposit insurance coverage of P500,000.
About P1.05 billion of the amount, corresponding to 94.5 percent, were payments made to depositors of the seven banks ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas in 2019.
“The remaining P60.4 million, or 5.5 percent, were paid to depositors of banks closed prior to 2019 and who either filed depositor insurance claims or completed required documentation of their claims only this year,” it said in a statement.
Deposit insurance payments are secured from the Deposit Insurance Fund, the corporation’s main fund.
The DIF as of end-June 2019 remained well-capitalized at P177.8 billion, or 6.4 percent of the estimated insured deposits in the banking system. The ratio is higher than the minimum corporate target of 5.5 percent for the year for the DIF adequacy.