State-run Philippine Deposit Insurance Corp. (PDIC) said Friday it is still awaiting a response from AMA Bank on its request for a meeting together with the designated sheriff of the Court of Appeals (CA), to facilitate the turnover of the funds.
PDIC said that on May 24, 2023, it prepared a Landbank manager’s check representing the total amount of funds and interest earned, net of expenses, and was ready to turn over the funds to AMA Bank. PDIC said, however, it was constrained to suspend the turnover pursuant to the resolutions of the CA dated July 5, 2023 and Feb. 6, 2024 that deferred the execution of the CA decision dated Sept. 7, 2020, as judicial courtesy to the Supreme Court (SC), upon which the issue of AMA Bank’s closure was pending at that time.
“Earlier, based on agreed-upon protocols, the PDIC completed the turnover of documents, records and the branches to AMA Bank as of July 13, 2023 in the presence of the CA-designated Sheriff upon the PDIC’s receipt of the March 1, 2023 resolution of the SC,” it said.
PIDC said that upon its receipt of the latest SC resolution dated May 28, 2024, it sent a letter to AMA Bank on July 30, 2024 for a meeting to discuss the full turnover of the cash. “All the creditors and depositors are advised to directly communicate with AMA Bank,1” PDIC said.
