The Philippine Deposit Insurance Corp. (PDIC) has expanded the payment options for depositors of closed banks who are eligible for outright payment of their insured deposits without filing claims.
The move is designed to make the reimbursement process more convenient and timely, leveraging digital financial channels.
Qualified depositors—individuals and registered entities with outstanding balances up to P500,000 who are not borrowers, co-makers, or spouses of borrowers—can now receive their payments through bank transfer and electronic money (e-wallet) via GCash, Maya and DCPay.
These depositors are already eligible for automatic payment if their addresses are complete and updated in the closed bank’s records, eliminating the need for them to leave their homes to file a claim.
The PDIC teamed up with the Development Bank of the Philippines (DBP) to tap its Multi-Channel Disbursement Facility (MCDF) for the inclusion of bank transfer and e-wallet payments. Qualified depositors will receive an electronic form from the PDIC where they can select their preferred payment method, providing their bank account or verified e-money/wallet account details.
Other existing payment options remain available, including postal money order (PMO) checks from the Philippine Postal Corporation and Visa debit cards from Landbank.
The MCDF, an online payment system that processes bulk payments through the PESONet platform, is also used by the PDIC to pay depositors who are required to file claims.
The PDIC has gradually implemented the waiver for filing deposit insurance claims since 2009, increasing the maximum amount to P500,000 in response to the changing financial landscape.
The corporation stated its commitment to strengthening public trust in the stability of the Philippine banking system through prompt reimbursement.
