The Philippine Deposit Insurance Corp. (PDIC) said it paid P281.5 million in deposit insurance to depositors of three banks ordered closed in 2024 by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP).
The banks, now under PDIC liquidation, are Rural Bank of Cuyo (Palawan) Inc., Cooperative Bank of Bohol and Community Rural Bank of Medellin (Cebu) Inc.
Payments were made for 7,482 deposit accounts, or 81 percent of the total 9,231 accounts, representing 94 percent of the estimated P298.6 million in insured deposits for the closed banks.
Claims were settled within the 2024 turnaround time, PDIC said.
Payments of P126.8 million, or 45 percent of the total, involved 6,738 accounts eligible for outright payment up to P500,000, without needing to file claims. These depositors were paid within 10 to 18 working days from the PDIC takeover.
The process waives claim filing, providing prompt reimbursement, the PDIC said.
Eligible for waived filing and outright payment are individual depositors and registered businesses with valid accounts of P500,000 or less, no outstanding loans with the closed bank and complete mailing addresses in bank records or updated addresses.