State-run Philippine Deposit Insurance Corp. (PDIC) said it has expanded the threshold for waived filing of deposit insurance claims for valid deposit accounts with outstanding balance of up to the maximum deposit insurance coverage of P500,000, subject to conditions approved by the PDIC board of directors.
This is to ensure more responsive client service and promote public confidence in the stability of the Philippine banking system, PDIC said in a statement.
The move will cover depositors, both individuals and registered entities, whose accounts have outstanding balances of up to P500,000. These depositors will no longer be required to file their deposit insurance claims, provided that they have complete addresses in the closed banks’ records.
Eligible depositors will be automatically paid by the PDIC either through checks to be issued and delivered by the Philippine Postal Corp. (PHLPost) to their last registered addresses or updated addresses indicated in the PDIC’s mailing address update form, or through the issuance of the LandBank Visa debit cards.
Prior to expanding the threshold, waived filing of deposit insurance claims covered valid deposit accounts with outstanding balance of up to P100,000 of individual depositors only. The expanded threshold will be implemented starting with the closed Rural Bank of Cuyo (Palawan) Inc. which the PDIC took over on June 10, 2024.
