The Philippine Deposit Insurance Corp. (PDIC) said Wednesday it paid P106.9 million in deposit insurance claims to clients of Emerald Rural Bank Inc. and Oriental Tamaraw Rural Bank of Naujan Inc. following their closure by the Bangko Sentral ng Pilipinas in 2025.
The state insurer said Wednesday the payouts covered 3,736 claims across 3,111 deposit accounts. The total included depositors who formally filed claims and those eligible for automatic payment under a waiver policy designed to streamline the process.
Under that policy, individual depositors with account balances up to P500,000 are not required to file claims if they are not borrowers or co-makers and have updated mailing addresses on file. This also applies to registered businesses and organizations meeting the same criteria.
PDIC officials said 3,433 claims worth P44.4 million were settled through outright payments, while 303 claims totaling P62.5 million were paid to depositors who were required to file documentation.
“Eligible depositors received their payments through the Philippine Postal Corporation’s postal money orders [PMOs] or Visa debit cards issued by Landbank. PMOs and debit card payment notices were sent via registered mail directly to depositors’ recorded addresses, allowing them to receive funds without visiting claims settlement sites or submitting documents, saving them time, money, and resources,” PDIC said.
The BSP’s Monetary Board ordered the closure of Bulacan-based Emerald Rural Bank on Jan. 24, 2025 and Oriental Mindoro-based Oriental Tamaraw Rural Bank on May 13, 2025.
Depositors who have not yet filed their claims have up to two years from the date of the takeover to submit applications via email, postal mail or in person at the PDIC Public Assistance Center.
